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1. Digital Study Guide, written by William Walstad
2. Paul Solman Videos (Chapter Content)
After reading this chapter, you should be able to:
- Explain the significance of resource pricing.
- Convey how the marginal revenue productivity of a resource relates to a firm's demand for that resource.
- List the factors that increase or decrease resource demand.
- Discuss the determinants of elasticity of resource demand.
- Determine how a competitive firm selects its optimal combination of resources.