Economics Today: The Micro View (18th Edition)
18th Edition
ISBN: 9780133916584
Author: Miller
Publisher: PEARSON
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Question
Chapter 29, Problem 10P
To determine
Content introduction:
Marginal factor cost is the change or the extra cost incurred when a monopsony buys one more unit of an input or factor of production.
Total revenue product is the sum of total product multiplied by the price of product.
Marginal revenue product is extra revenue received by employing extra unit of labor.
A monopsony maximizes profit by equating marginal revenue product with marginal factor cost.
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Economics Today: The Micro View (18th Edition)
Ch. 29 - Prob. 29.1LOCh. 29 - Prob. 29.2LOCh. 29 - Prob. 29.3LOCh. 29 - Prob. 29.4LOCh. 29 - Prob. 29.1SCCh. 29 - Prob. 29.2SCCh. 29 - Prob. 29.3SCCh. 29 - Prob. 29.4SCCh. 29 - Prob. 1CTQCh. 29 - Prob. 2CTQ
Ch. 29 - Prob. 1FCTCh. 29 - Prob. 2FCTCh. 29 - Prob. 1PCh. 29 - Prob. 2PCh. 29 - Prob. 3PCh. 29 - Prob. 4PCh. 29 - Prob. 5PCh. 29 - Prob. 6PCh. 29 - Prob. 7PCh. 29 - Prob. 8PCh. 29 - Prob. 9PCh. 29 - Prob. 10PCh. 29 - Prob. 11PCh. 29 - Prob. 12PCh. 29 - Prob. 13PCh. 29 - Prob. 14PCh. 29 - Prob. 15PCh. 29 - Prob. 16P
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