2. What is the marginal physical product (MPP) of a variable input, like labor?How do you derive the marginal cost (MC) curve of a firm? Explain. 3. Why isa firm in a perfectly competitive market calleda price taker? Why do the price, MR and demand faced by a firm in such a market coincide? Explain. 4. Are the demand and MR curve for a monopolist the same? Why, or why not? Explain. 5. How does a monopolist decide its production and pricing strategy? Explain.
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