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Author Question: The diagram below shows the MRP curve for a firm producing copper plumbing pipe. The factor of ... (Read 73 times)

dhsndn

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on: Oct 12, 2022

Question 1

If a firm is a perfect competitor in its product market, the marginal product of a factor multiplied by the product's price equals
◦ total revenue.
◦ marginal profit.
◦ marginal revenue.
◦ marginal cost.
◦ marginal revenue product.

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. Suppose this firm has the marginal revenue product curve MRP1. At a wage rate of $12, the profit-maximizing firm will hire ________ units of labour.


◦ 100
◦ 180
◦ 120
◦ 160
◦ 140
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by dhsndn on Oct 12, 2022

dsfhkjdfaskjfdsjk

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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dhsndn

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

patma1981

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Reply 3 on: Yesterday
Excellent

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