Suppose the output price falls from ($5) to ($4) to ($3) to ($1) in exercise 2. How
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Suppose the output price falls from \($5\) to \($4\) to \($3\) to \($1\) in exercise 2.
How would that change your answers to exercises 2 and 3?
Data from in exercise 2
Using the information in the following table, calculate the marginal revenue product (MRP = MPP × MR).
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