The total economic surplus is the sum of the consumer surplus and the producer surplus. In a Quantity versus Price curve, the total economic surplus is represented by the area above the supply curve and below the market equilibrium price.
<span>Most nursing departments and schools employ different types of faculty, and depending on the position. Those who work at a university typically hold doctoral degrees related to the biomedical degree</span>
The marginal revenue product of labor is equal to the marginal product of labor multiplied by the product price. The formula is:
MRP = MPL x P
The marginal product of labor is the additional output that can be achieved by adding an additional unit of labor. The marginal revenue product of labor measures the same thing but in money, not units.
