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Material Detail

Introduction to Resource Markets and Marginal Revenue Product

Introduction to Resource Markets and Marginal Revenue Product

Demand for a factor of production by a firm reflects the same inverse relationship with the factor's price as demand for a good or service. But there's a bit more to the theory of resource demand. This lesson introduces resource markets and "marginal revenue product", which determines how much of a resource a firm will demand at every quantity.

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More about this material

Material Type:
Presentation
Date Added to MERLOT:
May 11, 2021
Date Modified in MERLOT:
May 11, 2021
Author:
Submitter:
Cathy Swift
Asian American, Native American, Pacific Islander Serving Institution Hispanic Serving Institution
Primary Audience:
High School, College General Ed, College Lower Division
Technical Format:
Video, Website
Mobile Compatibility:
Not specified at this time
Language:
English
Cost Involved:
No
Source Code Available:
Unknown
Creative Commons:
No

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