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Marginal revenue product |
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Marginal revenue productThe additional revenue generated by the extra output from employing one more unit of a factor of production. In a competitive industry this equals the marginal value product, but with imperfect competition it is smaller, due to the implied price reduction. Determines factor prices in competitive factor markets.Similar MatchesMarginal utilityMarginal utilityThe change in total satisfaction as a result of consuming one additional unit of a specific good or service. Marginal value productMarginal value productThe value of the marginal product of a factor in an industry; that is, the price of the good produced times the marginal product. Determines factor prices when all markets are competitive. Marginal productMarginal productIn a production function, the marginal product of a factor is the increase in output due to a unit increase in the input of the factor; that is, the partial derivative of the production function with respect to the factor. In a competitive equilibrium, the equilibrium price of any factor is its marginal value product in every sector where it is employed. Marginal propensity to saveMarginal propensity to saveThe fraction of a change in income (or perhaps disposable income) that is saved. Marginal rate of transformationMarginal rate of transformationThe increase in output of one good made possible by a one-unit decrease in the output of another, given the technology and factor endowments of a country; thus the absolute value of the slope of the transformation curve. Further SuggestionsMarginal revenueMarginal propensity to import marginal tax rate Marginal Value marginal product Marginal cost Marginal rate of substitution Marginal propensity to consume Marginal propensity Marginal tax rate Marginal efficiency of capital |
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