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12 marksThe Demand for and Supply of Factors

CAPE Economics Unit 1 · 2010 · Paper 2 · Question 5(b)(i)

Assuming that the wage rate is $15.00, draw a diagram showing the value of the marginal product curve and the wage rate.

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Other parts of this question

  1. 5(a)(i)Calculate for EACH unit of labour the marginal product.[4 marks]
  2. 5(a)(ii)Calculate for EACH unit of labour the value of the marginal product if the price of the product is $1.50.[4 marks]
  3. 5(b)(ii)Assuming the wage rate is $15.00, state how much labour will be employed and explain why.[5 marks]

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