Economics (MindTap Course List)
Economics (MindTap Course List)
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.
Compare the two demand curves.
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
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