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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Look at the two factor demand curves in the accompanying figure. Is the price of the product that labor goes to produce higher for MRP2 than for MRP1? Explain your answer.

images

To determine

Compare the two demand curves.

Explanation

The figure shows, MRP1 and MRP2 curves.

In Figure (1), horizontal axis represents quantity of factor and vertical axis represents the wage rate. The MRP (Marginal Revenue Product) curve is the demand for factor curve, which can be calculated as MRP=MP×MR

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