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I don'T know which will be correct. help me in choosing the right one. A condition for the profit-maximizing use of any factor of production
I don'T know which will be correct. help me in choosing the right one. A condition for the profit-maximizing use of any factor of production is (where MP = marginal product, w = the price of a factor of production, p = price of one unit of the firm's output, MR = marginal revenue, MC = marginal cost, MRP = marginal revenue product):
a.MRP = MP p
b.MR =
c.MC = MR w
d.w = MP p
e. MRP = MR MC
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