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 is facing MRP1, a wage rate of $16 per hour and is employing 100 units of labour. At this level of employment,
◦ the last unit of labour is adding more to the firm's cost than it is adding to the firm's revenue, so it should reduce the use of labour.
◦ the last unit of labour is adding less to the firm's cost than it is adding to the firm's revenue, so it should increase the use of labour.
◦ the firm has shifted the MRP curve to MRP
2.
◦ the last unit of labour contributes as much to the firm's costs as to the firm's revenues and so the firm should not change its use of labour.
◦ the firm has shifted the MRP curve to MRP
3.
The human oxygen-hemoglobin dissociation curve.
A theoretical photosynthetic response curve.
Bacteria Diagram
Process flow diagram for Acetic Anhydride Plant
Diagram of a section of a 15th-century oil painting
Copper Mine, Utah