Microeconomics
Microeconomics
In one diagram, draw the VMP curve and the MRP curve for an oligopolist. Explain why the curves look the way you drew them.
VMP curve and MRP curve of oligopolists.
Figure 1 shows the MRP and VMP curves of oligopolists.
In the figure, the horizontal axis represents the quantity of factor and the vertical axis represents the price of the factor. The MRP curve is the demand for factor curve, which can be calculated as
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