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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

VMP = MRP for a price taker but not for a price searcher.” Do you agree or disagree with this statement? Explain your answer.

To determine

Check whether the MRP and VMP are equal for a price taker.

Explanation

Marginal revenue product is defined as the additional revenue earned by a firm using one additional unit of an input. It can be symbolically expressed as follows:

 MRP=MP×MR

The marginal value of labor can be defined as the monetary value of labor when additional unit is produced due to additional unit of labor

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