ECON 111 Chapter Notes - Chapter 13: Longrun, Bachelor Of Applied Science, Economic Equilibrium

• School: Queen's University
• Department: Economics
• Course: ECON 111
• Professor: Xiaoran (Sheldon) Guo

Document Summary

Ragan, microeconomics, 15th canadian edition, toronto: pearson canada inc. , The material in this document is taken from the mentioned source and should be used for reference only. The document compiler cannot assure 100% accuracy as there may be errors present in this document. The mentioned source should be used if there is any doubt on information accuracy. In addition, without permission from the owners (direct or indirect), the material in this document cannot be reproduced. The firm"s demand curve for a factor 1. The mrp curve is the faster demand curve 1. Elasticity of the firm"s factor demand curve 2: the elasticity of demand for the final product 2, the ability to substitute between factors 2. The market demand curve for a factor 3. Shifts of the market factor demand curve 3. A change in the factor"s marginal product 3. A change in firms" marginal revenue 3. The supply of factors to the economy 4.