To make the comparison convenient Marginal Physical Product

To make the comparison convenient Marginal Physical Product...

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To make the comparison convenient Marginal Physical Product (MPP) is converted into Marginal Revenue Product (MRP) . For this purpose, MRP is multiplied by the marginal revenue earned by a firm in the curve. If a firm is operating under a competitive product market then the price or the average
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Unformatted text preview: revenue and marginal revenue values are identical. MRP is Price MPP under competition. This same value is MR MPP under imperfect markets. MRP = MPP Price Competition MRP = MPP MR Monopoly, Oligopoly etc....
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