Question

Relation between the value of marginal product and marginal revenue product of a factor under imperfect competition

Answer 1

Answer:

The theory of Marginal product and marginal revenue product under imperfect competion states that in equilibrium, the marginal revenue product becomes equal to its marginal wage (not to average wage). Or we can say that MRP of a variable factor becomes equal to marginal wage.

Explanation:

HOPE THIS HELPS YOU AND PLZ MARK ME AS A BRAINLIEST

Answer 2

Explanation:

Since when there is perfect competition in the product market MR is equal to price (P), Marginal Revenue Product (MRP) also can be found out by multiplying the Col. Ill by Col. IV. Thus under perfect competition value of marginal product (VMP) will be equal to marginal revenue product (MRP) (compare Co.

Hope it helps you Mate ✌