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SECOND ESTATE: In past centuries, this included kings, queens, dukes and others of the ruling elite. In modern times, this includes business leaders who have extensive ownership of and control over resources, especially capital, entrepreneurship, and land.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 13 of 24
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Topic:
Marginal Revenue Product Curve
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- To understand factor demand, we MUST understand marginal revenue product.
- This means to derive the factor demand curve we MUST first identify the marginal revenue product curve.
- The marginal revenue product curve is a graphical plot of the relation between marginal revenue product and the quantity of input.
- This marginal revenue product curve can be used to derive the factor demand curve.
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FIRM An organization that combines scarce resources for the production and supply of goods and services. The firm is used by entrepreneurs to bring together otherwise idle resources. The term firm is often used synonymously with the business, enterprise, or company. If there is a difference, a firm is functionally defined and need not be a typical for-profit business. A firm can be profit oriented, nonprofit, privately owned, or government controlled.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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AACP
American Assocation of Commercial Publications
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