Suppose that marginal product tripled while product price fell by one-half in the table below. Units of Total Product Marginal Product Price Marginal Resource (Output) Product (MP) Total Revenue Revenue Product
01- 2 $ 14 $ 26 5 $ WA a. What would be the new values in the table? Instructions: Enter your answers as whole numbers. Units of Resource Total Product (Output) Marginal Product (MP) HP Product Price Total Revenue Marginal Revenue Product b. What would be the net impact on the location of the resource demand curve given below? Resource price (wage rate) D = MRP 1 2 3 4 5 6 7 Quantity of resource demanded The resource demand schedule will shift to the (Click to select)