The formula for the marginal revenue product of labor (L is for labor, X is the output) is
A) MPL/PX.
B) PX/MPL.
C) (MPL)(MRX).
D) MPL + PX.

Name: The formula for the marginal revenue product of labor (L is for labor, X is the output) is A) MPL/PX. B) PX/MPL. C) (MPL)(MRX). D) MPL + PX.
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Question

Quizplus · Accepted Answer

The marginal revenue product of labor is calculated by multiplying the marginal product of labor (MPL) by the marginal revenue of the output (MRX).

The Formula for the Marginal Revenue Product of Labor (L