MARGINAL REVENUE PRODUCT - MRP
Generated revenue from adding one extra unit of a factor or a production, given that all other factors are still equal. It is used in marginal analysis to determine how it affect variable inputs such as labor, and it also follows law of diminishing marginal returns. As the number of units of an input increase, the generated revenue from every additional unit decreases at some point. To compute the marginal revenue product, multiply the marginal product of labor by the company’s marginal revenue.
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