• Explain the difference between marginal physical product and marginal revenue product.
• Explain the difference between marginal product of capital and marginal product of labor and explain how marginal rate of technical substitutions factors into the discussion.
• Compare and contrast a monopoly and a monopsony.
• Make an imaginary monopsony, explain how labor is calculated in a monopsony and what graphs you would make and the curves you would include in the graphs.
• Draw the appropriate graphs that illustrate labor in a monopsony and detail the steps you took to create the graph.