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Microeconomics

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Microeconomics

How Resource Prices are Determined: Marginal Product Theory Marginal Productivity Theory is the heart of the factor market unit. You must master the details of marginal productivity and complex terminology such as marginal physical product (MPP), marginal revenue product (MRP), marginal resource cost (MRC), and the MRP = MRC rule before you can grasp the main concepts. Furthermore, you must understand that the demand for a resource is derived from the demand for the goods and the services produced by that resource. Finally, you must understand how a firm hires resources when more than one resource is involved. The material covered in activities 44-47 is the most emphasized factor market questions on the AP Exam.

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