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I EQUAITON THEE
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Equation used to determine quantity of a resource to hire
MRP=MRC or MRV=MFC
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Collusive oligopoly
Cartel
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Factor market with many firms and qualified factors
perfect competition
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Price elasticity of supply
%change q supplied/%change price
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Allocative Efficiency
MC=MB(P)
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MFC or MRC
Wages (marginal factor or resource cost)
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Equation used to determine profit max quantity
MR=MC
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MP*P
MRP or MRV
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Income elasticity of demand
%change Q/%change Income
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Market with one firm
Monopoly
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Productive Efficiency
p=min ATC
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Profit Max between capital and labor
MRPk/PK=MRPL/PL
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Allocation to min costs between capital and labor
MPk/Pk=MPl/Pl
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Price elasticity of Demand
%Change Q/%change Price
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Factor market with one employer of the factor
Monopsony
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Cross elasticity of demand
%change Qa/%change Pb
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