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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

What is the difference between marginal revenue product (MRP) and value marginal product (VMP)?

To determine

Difference between Marginal Revenue Product (MRP) and Value Marginal Product (VMP).

Explanation

The Marginal Revenue Product of labor (MRP) is the additional revenue that results from employing an additional unit of labor during the production process. It can be symbolically expressed as follows:

 MRP=MP×MR

The marginal value of labor can be defined as the marginal product of labor multiplied by the value of total output time produced

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