Question: Explain the difference between marginal physical product and marginal revenue product. Explain the difference between marginal product of capital and marginal product of labor and

  • Explain the difference between marginal physical product and marginal revenue product.
  • Explain the difference between marginal product of capital and marginal product of labor and explain how marginal rate of technical substitutions factors into the discussion.
  • Compare and contrast a monopoly and a monopsony.
  • Make an imaginary monopsony, explain how labor is calculated in a monopsony and what graphs you would make and the curves you would include in the graphs.
  • Draw the appropriate graphs that illustrate labor in a monopsony and detail the steps you took to create the graph.

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