Explain the criticisms of the marginal productivity theory.
-Explain the rationale behind the optimal input rule-that is, that firms should hire factors until MRP=MFC. Draw a diagram to illustrate your answer.
Correct Answer:
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Q18: Explain the relationship between factor prices and
Q19: Use marginal productivity theory to explain what
Q20: Use marginal productivity theory to explain what
Q21: Explain the criticisms of the marginal productivity
Q22: Explain the criticisms of the marginal productivity
Q24: Use marginal productivity theory to explain prices
Q25: Use marginal productivity theory to explain prices
Q26: Explain the concept of economic rent.
-Carefully distinguish
Q27: Explain the concept of economic rent.
-Do entrepreneurs
Q28: Explain the concept of economic rent.
-Economic rents
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