Question

Under conditions of imperfect competition, the mrp for the twelfth worker is calculated by

Answer 1

Answer: MRP or the Marginal Revenue Product is the addition to total revenue when one more unit of a product is produced and sold in the market. It can be calculated using the given formula,

`MRPn = TRn - TRn-1`

Therefore, MRP for the twelfth worker will be,

`MRP_(12) = TR_(12) - TR_(11)`

which is total revenue at 12th worker minus total revenue for the 11th worker.