Econ 101 Formulas

Econ 101 Formulas - P*MPPL=W(wage rate) 3. To find profit...

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1. Marginal Revenue Product= Marginal Revenue * MPPL or (in case of perfect competition) Price * MPPL 2. To find Profit Maximizing amount of labor to hire:
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Unformatted text preview: P*MPPL=W(wage rate) 3. To find profit maximizing amount of capital : P*MPPK= r(rental rate) 4. Symbols:...
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