(Solved): a) Graph the marginal physical product (MPP) curve for a firm in a perfectly competitive market. Ma ...

a) Graph the marginal physical product (MPP) curve for a firm in a perfectly competitive market. Make sure you label the graph with MPP and input on the correct axes. Why does the curve have the shape it has? b) Graph the marginal revenue product (MRP) curve for a firm in a perfectly competitive market. Make sure you label the graph with MRP and input on the correct axes. How is the curve similar to the MPP curve? How is it different? c) When a firm has more market power, the shape of the MRP curve changes. Explain how more market power changes the MRP curve.