Economy, asked by chetanpatiyalp9xn9i, 1 year ago

what is mrp of any factor

Answers

Answered by anupam12045

maximum retail price

Answered by Abhayrai11

It is expressed in currency units per incremental unit of a factor of production (input), such as labor, per unit of time. ... A firm that wants to optimize its profits hires each factor up to the point at which its marginal factor costequals its marginal revenue product (MFC=MRP)

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