Under conditions of imperfect competition, the mrp for the twelfth worker is calculated by

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02-08-2018
Business

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Under conditions of imperfect competition, the mrp for the twelfth worker is calculated by

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pristina pristina · Answer 1 · 2018-08-03T05:47:56+02:00

pristina pristina

03-08-2018

Answer: MRP or the Marginal Revenue Product is the addition to total revenue when one more unit of a product is produced and sold in the market. It can be calculated using the given formula,

[tex] MRPn = TRn - TRn-1 [/tex]

Therefore, MRP for the twelfth worker will be,

[tex] MRP_{12} = TR_{12} - TR_{11} [/tex]

which is total revenue at 12th worker minus total revenue for the 11th worker.

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