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Suppose that marginal product tripled while product price doubled in the table below. Units of Resource Total Product (output) Marginal Product (MR) Marginal Revenue Product
Suppose that marginal product tripled while product price doubled in the table below. Units of Resource Total Product (output) Marginal Product (MR) Marginal Revenue Product 1 Product Price $2 2 2 2 2 2 2 7 13 6 18 5 22 4 25 272 28 1 Total Revenue $0 14 26 36 44 50 54 56 4 $14 12 10 8 6 2 2 What would be the new values in the table? Units of Resource Total Product (output) Marginal Product (MP) Product Price Marginal Revenue Product Total Revenue $e 42 RO 104 49 What would be the net impact on the location of the resource demand curve given below? 16 14 Rate) 12 What would be the net impact on the location of the resource demand curve given below? 16 14 12 10 Resource Price (Wage Rate) 8 6 4 DMRP 2 6 7 8 Quantity of Resource Demanded The resource demand schedule will shifteft
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