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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

What determines the income of the owners of land and capital? • How would an increase in the quantity of capital affect the incomes of those who already own capital? How would it affect the incomes of workers?

To determine
Thedeterminants of income of owner of land and capital.

Explanation

In general, the revenue or income for the factors of production is determined by the marginal productivity of the production factor. Thus, the income of the person who owned the land and capital is determined by the marginal productivity of land and capital that are used in the production process...

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