Marginal Revenue Product
Tags: #Economics #MicroeconomicsEquation
$$\text{MRP} = \text{MP} \times \text{MR}$$Latex Code
\text{MRP} = \text{MP} \times \text{MR}
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Introduction
Equation
Latex Code
\text{MRP} = \text{MP} \times \text{MR}
Explanation
Latex code for Marginal Revenue Product. The amount that an additional unit of a factor adds to a firm's total revenue during a period is called the marginal revenue product (MRP) of the factor. An additional unit of a factor of production adds to a firm’s revenue in a two-step process: first, it increases the firm's output. Second, the increased output increases the firm’s total revenue. We find marginal revenue product by multiplying the marginal product (MP) of the factor by the marginal revenue (MR). I will briefly introduce the notations in this formulation.
: Marginal Product(MP)
: Marginal Revenue(MR)
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