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Markets where factor of production services are bought and sold
Demand exists only due to demand for final goods/services
Additional output from employing one extra worker
Money value of output added by one extra worker
MRPL=MPPL×MRMRP_L = MPP_L \times MRMRPL=MPPL×MR
MPPLMPP_LMPPL falls as more workers added to fixed capital
The MRPLMRP_LMRPL curve
MRPL=MRP_L =MRPL= Wage rate
% change in labour quantity / % change in wage rate
Labour costs are small proportion of total production costs
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