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Explain how the marginal product for a resource can change along with what can change the demand for a resource.

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Explain how the marginal product for a resource can change along with what can change the demand for a resource.

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Solution Summary

The expert examines marginal products for a resource change.

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First of all, let's try to think what can change the demand for a resource.

A change in the demand for a resource changes the production of the goods/services that required this resource. For example, if the demand of lithium increases, this probably implies that the demand for battery increased (lithium is almost always used ...

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