CAPE Economics Unit 1 · 2017 · Paper 2 · Question 3(b)
Prove that the labour market profit maximizing condition is MRP_L = MC_L.
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Practise this questionOther parts of this question
- 3(a)(i)Define the term 'marginal revenue product of labour'.[2 marks]
- 3(a)(ii)Define the term 'income inequality'.[2 marks]
- 3(c)Draw a diagram illustrating how the wage rate is determined in a perfectly competitive market.[4 marks]
- 3(d)Discuss THREE factors that could account for this disparity in wages between males and females.[12 marks]
More practice: the rest of this paper · more The Demand for and Supply of Factors questions · all CAPE Economics Unit 1 past papers