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Author Question: The diagram below shows the MRP curve for a firm producing copper plumbing pipe. The factor of ... (Read 90 times)

Gabby

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Question 1

Consider a firm's demand curve for labour. If a technological change makes it harder to substitute capital for labour, the demand curve for labour
◦ becomes more elastic.
◦ becomes less elastic.
◦ shifts parallel to the left.
◦ shifts parallel to the right.
◦ is not affected.

Question 2

The diagram below shows the MRP curve for a firm producing copper plumbing pipe. The factor of production being considered here is hours of labour.



FIGURE 13-1

Refer to Figure 13-1. Assume that the firm is a perfect competitor and the price of the firm's output is fixed. We know that the firm's MRP curve is


◦ horizontal, if the firm is perfectly competitive.
◦ steeper than the firm's marginal product curve for labour.
◦ the same shape as the firm's marginal product curve for labour.
◦ the same shape as the firm's marginal revenue curve.
◦ flatter than the firm's marginal product curve for labour.


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Marked as best answer by Gabby on Oct 12, 2022

delmiss

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Gabby

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Reply 2 on: Oct 12, 2022
Excellent


alexanderhamilton

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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