describe the relation between the value of marginal product and marginal revenue product of a tractor under imperfect competition.
Answer (1)
20th Apr, 2020
Hello Arsh,
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.
Hope it clears your doubt.
Good Luck!
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