|Posted on April 18, 2014 at 10:20 AM|
Marginal revenue product (MRP) is the change in total revenue divided by the change in quantity of inputs. You can also calculate the MRP by multiplying marginal product (AKA marginal physical product) by the marginal revenue.
MRP = Change in TR / Change in Inputs
MRP = MP x MR
AP Microeconomics Unit 3 Resource Markets