Marginal Revenue Product Mrp Definition & Examples
The marginal revenue product is calculated by multiplying the marginal physical product (MPP) by the marginal revenue (MR). Marginal Revenue Product (MRP) is a concept used in economics to measure the additional revenue generated by each additional unit of input, such as labor or capital. It represents the change in total revenue resulting from the …
Marginal Revenue Product Mrp Definition & Examples Read More »