What is the shape of a marginal product curve?
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1. What is the marginal revenue product of labor (MRP)? What shape does the MRP curve have? Why?
2. What is a marginal factor cost? How is it related to the supply curve of an input?
Using a specific elastic consumer product, discuss how you would measure short-run costs, discuss the shape of the marginal cost curve and how to interpret the curve and the relationship between average and marginal costs.
If the marginal cost of production is constant, what is the shape of the marginal cost curve?