A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the amount of labour hired and Kis the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour?O 8PKO 4LO 4PKO PL

Marginal product of labour refers to the change in total product when an additional unit of labor is…

A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the amount of labour hired and K is the amount of capitàl used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? O 8PK O 4L

A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the amount of labour hired and K is the amount of capitàl used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? O 8PK O 4L

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 1ST

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A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the amount of labour hired and K
is the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour?
O 8PK
O 4L
O 4PK
O PL

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