AP微观经济学7.ppt

11 Resourcemarketswithapplicationstolabor MPP MRP MFC Marginalphysicalproduct MPP theadditionaloutputproducedasonemoreunitoflaborisadded Marginalrevenueproduct MRP theadditiontothefirm srevenueastheresultofanadditionaloutputforanadditionalunitoflaborMRP MPP PriceoftheproductMarginalfactorcost MFC theadditionalcostforeachadditionalunitoflaborhired Wageelasticityofdemand Wageelasticityofdemand Thehigherthepriceelasticityofdemandfortheproduct thehigherthiswageelasticityTheJapcarsintheUSraisedboththetwoelasticityThehighertheproportionof laborcosts totalcostsofproduction thehigherthiselasticityHighereducationvs oilrefineryindustryThegreaterthenumberofsubstituteresourcesavailable thehigherthiswageelasticityRobotscansubstituteforlabor Laborcosts Profits Perfectlycompetitivelabormarket Wage Unitsoflabor WE D MRPL D S E Thefirmisaprice takerMFCstaysthesameinthismarkettypeProfitmax MRPL MFCL a Firm b Market S ACL MFCL Wage Case securityguards Abookstoreobservesthatforeachadditionalsecurityguardhired thereissomereductioninthenumberofbooksstolen Howmanyguardsshouldbestbehired Choosethehighestleveloflaborunitsclosetothepoint MRPL MFCLWheneverthewagerateisconstant thereisaperfectlycompetitiveresourcemarket Imperfectlycompetitivelabormarket Unitsoflabor MFCL S ACL wagerate E Wage D MRPL C WC WE WM M XM XC WorkershavetoselllabortoonlyonefirmMFCL ACLFindtheprofitmaxpoint LetMFCL MRPLFindXMDropalineontoScurveFindWMWMonopoly WCompetitiveXMonopoly XCompetitive Costmin Profitmax Inthehireofmorethanoneresource L labor K capitalCostminimization Inperfectlycompetitiveresourcemarket Profitmaximization Inperfectlycompetitiveresourcemarket Shiftsindemandforaresource Demandforaresource MRPofthatresourceMRPL MPPL PXTheDemandcurve if WorkersbegintoproducemoreperhourPriceoftheproductincreasesThenumberofbuyersoftheresourcesincreasesThepriceofsubstitutesforlaborbecomeshigher Supplyofresources Wage Unitsoflabor WE SL D SLB Thisisalabor leisuretrade off a Normal b Backwardbending Wage Low incomeworkersprefermoremoney High incomeworkersfavormoreleisure Transferearningandrents Axiom isthatwemustpaythesuppliers worker hiscostsinordertoexpecthimtocontinuehissupplyoflabor Transferearning whataworkercouldhaveearnedelsewhere justtheopportunitycostfortheworker Thetransferearningistheminpricewemustpaytoassureacontinuingsupplyoflabor Rents paymentsthatworkersreceivethatareinexcessofthetransferearnings orinexcessofwhatworkerscouldearnelsewhere Shiftsinsupplydeterminants Attractivenessofanoccupation Thenumberoflaborsuppliers Therelativeprices if ofcompetingusesofaresource Theresourceitself Thesubstituteresource Whypeoplehavedifferentwages Notalljobsareequallyattractive wepaymoretopeopleinunattractivejobs Innatedifferences somejobskillsarenecessaryforsomehigh payingjobs Humancapital higherinvestmentinhumancapitalleadstohigherreturnsinincome Compensatingwagedifferentials higher riskjobreceiveshigherpay Psychicincome somepeoplehavehigherpsychicincomeinexchangeforlowermonetaryincome Discrimination manywagedifferentialsareduetoage gender sex race etcImmobility wedon tallmovetothebestjobs Labormarketimperfections wagesinamonopolylabormarketislowerthaninacompetitivelabormarketGovernmentinterference minwage wagesubsi