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microeconomics 2. (20 marks) Production function is q = (LP + KP ) P . Calculate the marginal revenue product of labor for (i) a

microeconomics

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2. (20 marks) Production function is q = (LP + KP ) P . Calculate the marginal revenue product of labor for (i) a competitive firm with the market price equal to p; (ii) a monopoly facing a market demand: p = AQ-b. 3. (20 marks) Demand for labor in a given market is Lo = 100 - 2w and supply is Ls =

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