Optimal Combination of Resources Condition
Tags: #Economics #MicroeconomicsEquation
$$\text{MRP}_{L} = \text{MP}_{L} \times \text{P}$$Latex Code
\text{MRP}_{L} = \text{MP}_{L} \times \text{P}
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Introduction
Equation
Latex Code
\text{MRP}_{L} = \text{MP}_{L} \times \text{P}
Explanation
Latex code for Marginal Revenue Product of Labor MRPL. The marginal revenue product of labor (MRPL) is the marginal product of labor (MPL) times the marginal revenue (which is the same as price under perfect competition) the firm obtains from additional units of output that result from hiring the additional unit of labor.
: Marginal Revenue Product of Labor
: Marginal Product of Labor
: Price
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