A perfectly competitive firm's production function is Q=8LK where Q is the amount produced, L is the amount of labour hired and Kis the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? PL 8L 8PK 16PK

A perfectly competitive firm's production function is Q=8LK where Q is the amount produced, L is the amount of labour hired and Kis the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? PL 8L 8PK 16PK

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 1ST

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Question

		PL
		8L
		8PK
		16PK

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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