Factors of Production
Introduction
Need to KnowAt the end of this section the student should be able to:
• Explain and illustrate derived demand • Define the Marginal Physical Product and Marginal Revenue Product of a factor • Explain the theory of Marginal Productivity • Outline the factors that affect MPP • Outline the factors that affect MRP • Explain, with examples, the terms - Supply Price - Economic Rent - Transfer Earnings - Quasi Economic Rent |
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