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 MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION: A curve that graphically represents the relation between marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. The marginal revenue curve reflects the degree of market control held by a firm. For a monopolistically competitive firm with some market control, but not a whole lot, the marginal revenue curve is negatively-sloped but relatively elastic.
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 Lesson 14: Production | Unit 2: Production Measures Page: 8 of 25

 Topic: Marginal Product <=PAGE BACK | PAGE NEXT=>

• A definition of marginal product:

• Marginal product is the change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged.
• Marginal product shows how much total product changes when one additional worker is added to the product process.

• It is found by dividing the change in total product by the change in the variable input and is calculated using this formula:

 marginal product (MP) = change in total productchange in variable input

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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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