In the marginal-productivity theory shown in Figure 12-8, let land rather than labor be the varying input.

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In the marginal-productivity theory shown in Figure 12-8, let land rather than labor be the varying input. Draw a new figure and explain the theory with this new diagram. What is the residual factor?

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Economics

ISBN: ?978-0073511290

19th edition

Authors: Paul A. Samuelson, William Nordhaus

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Question Posted: Dec 05, 2015 03:32 AM

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In the marginal-productivity theory shown in Figure 12-8, let land rather than labor be the varying input.

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In this case the residual factor is labor We are adding land a variable factor to a fixed ...View the full answer

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