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Ramone's Drones Inc. makes local deliveries using small drones. Ramone is looking to hire an additional pilot to help with increased delivery needs. He currently brings in $8500 per month, but with the new pilot, thinks he'll be able to increase his revenue to $9750 per month.

Required:
What is the monthly marginal revenue from hiring the additional pilot, which is referred to as the marginal revenue product of labor or MRPL?

Respuesta :

Answer:

$1250

Explanation:

The computation of the monthly marginal revenue is shown below;

As we know that

MRPL = (Change in Revenue ÷ Change in Labour)

Given that

Initial Revenue = $8500  

New Revenue = $9750

So,

Change in Revenue = ($9750 - $8,500)

= $1,250

And,

Change in Labour = 1

So,

MRPL is

= $1250 ÷ 1

= $1250

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