Competitive Factor Markets Demand for a Factor Input when Only one Input Is variable Measuring the value of a Workers Output o Marginal revenue Product of labor (MRPL ●MRPL=(MP(MR) Chapter 14 Slide 7Chapter 14 Slide 7 Competitive Factor Markets ◼ Measuring the Value of a Worker’s Output ⚫ Marginal Revenue Product of Labor (MRPL ) ⚫ MRPL = (MPL )(MR) Demand for a Factor Input When Only One Input Is Variable