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1) Specify any four main reasons for studying the resource pricing.

2) Describe the concept of the derived demand since it applies to the resource demand.

3) Find the marginal-revenue-product schedule for an input when provided the suitable data.

4) describe the principle that are employed by the profit maximizing firm for finding out how much of the resource it will employ.

5) Apply the MRC = MRP principle for finding out the quantity of the resource a firm will employ when provided the essential data.

6) Describe why the MRP schedule of the resource is the demand of the firm for the schedule for the resource within the purely competitive product market.

7) describe the reason why the resource demand curve is downward sloping when the firm is selling output within the purely competitive product market; an imperfectly competitive product market.

8) Specify the 3 determinants of the demand for a resource and describe how the modification in each of the determinants might affect the demand for resource.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M912408

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