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david fabos david fabos
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4 years ago

What is the difference between a firm's marginal revenue and its marginal revenue product?



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Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the change in total revenue from hiring one more worker.



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Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the profit earned from hiring one more worker.



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Marginal revenue is the increase in revenue when a firm raises its output price while marginal revenue product is the increase in marginal product when a firm hires an additional worker.



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There is no difference between the two terms.

Textbook 
InMicro

InMicro


Edition: 1st
Authors:
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all is normal
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katiewillkatiewill
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4 years ago
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david f. Author
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#2
4 years ago
This helped my grade so much
all is normal
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#3
4 years ago
Perfect
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