Asked by
sphiwe matjeni
on Oct 12, 2024
Verified
The marginal revenue product schedule for land refers to
A) a firm's demand for land.
B) the final demand for land.
C) the final supply of land.
D) the firm's supply of lanD.
E) the marginal physical product schedule for land.
Marginal Revenue Product Schedule
A table or representation showing how the marginal revenue product of a factor of production varies as its quantity employed changes.
Land
In economics, land encompasses all natural resources used to produce goods and services, including not just agricultural land but also minerals, forests, and water.
Firm's Demand
The quantity of a product or service that a firm is willing and able to buy at various prices over a given period of time.
- Gain insight into the notion of marginal revenue product (MRP) and its critical role in establishing the need for factors of production.
- Evaluate the connection marginal revenue product has with the labor and input demand within firms.
Verified Answer
IT
Learning Objectives
- Gain insight into the notion of marginal revenue product (MRP) and its critical role in establishing the need for factors of production.
- Evaluate the connection marginal revenue product has with the labor and input demand within firms.