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发表于 2011-7-13 15:23
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MRP and elastic demand for a resource
Having a bit of trouble grasping the concept from this question. Can someone give me a real world example for each side of this?
The steeper a firm’s marginal revenue product curve for a given resource, the
A) more elastic the firm's demand curve for the resource.
B) less elastic the firm's demand curve for the resource.
C) lower the mobility of the resource.
Your answer: A was incorrect. The correct answer was B) less elastic the firm's demand curve for the resource.
The marginal revenue product curve of a resource for a given firm will directly determine the firm's demand curve for the resource. If the marginal revenue curve for a resource is steep, then the demand curve for the resource will be steep. Resource mobility is not determined by its MRP. |
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