An in-depth look at Average Revenue Product (ARP), the average revenue generated per unit of input in production.
An in-depth exploration of the prices of services of factors of production including labour, land, and capital. Examining the implications of competitive equilibrium and non-competitive markets.
Marginal Revenue Product (MRP) is the additional revenue a firm receives from employing one more unit of an input factor, calculated by multiplying the Marginal Product of the input by its Marginal Revenue.
Understand the Marginal Revenue Product (MRP) concept and its calculation, importance in economics, examples, and related terms.
