Question
Each output unit produced by this firm is sold at a price of P = $5. If Marginal Product= Current Output-Prev Output and Marginal Revenue
Each output unit produced by this firm is sold at a price of P = $5.
If Marginal Product= Current Output-Prev Output and Marginal Revenue Product = MP*MR (which is $5) does the Total Revenue= Price*Output?
I also am running into an issue with the QLD (Quality of Labor Demanded) in the bottom left with Wage. Is it figured as MRP (Marginal Revenue Product) = Wage? so do we go under because going over in labor (workers) would be a loss of revenue?
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Research In Forest Economics And Forest Policy
Authors: Marion Clawson
1st Edition
1317362624, 9781317362623
