1. A firm\'s demand for a resource (say land) is equal to: A. The MRP of land. B
ID: 1099799 • Letter: 1
Question
1. A firm's demand for a resource (say land) is equal to:
A. The MRP of land.
B. The MPP of land
C. Total Revenue.
D. Total Output
Is it A?
A. Derived from the product/service that is being produced by the use of the land.
B. Derived from demand for other factors of production, such as labor and capital.
C. Derived from the cost per acres of the land.
D. Inelastic.
Is it B?
2 .The demand for land (and any factor of production) is a "derived demand." By this economists mean that the demand for that land is:A. Derived from the product/service that is being produced by the use of the land.
B. Derived from demand for other factors of production, such as labor and capital.
C. Derived from the cost per acres of the land.
D. Inelastic.
Is it B?
Explanation / Answer
1. A firm's demand for a resource (say land) is equal to Total Revenue.
2 .The demand for land (and any factor of production) is a "derived demand." By this economists mean that the demand for that land is Derived from demand for other factors of production, such as labor and capital.
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