第14章要素投入品市场PPT学习教案

1、会计学1第第14章要素投入品市场章要素投入品市场Slide 2第1页/共85页Slide 3第2页/共85页Slide 4第3页/共85页Slide 5Demand for a Factor Input WhenOnly One Input Is Variable第4页/共85页Slide 6Demand for a Factor Input WhenOnly One Input Is Variable第5页/共85页Slide 7Demand for a Factor Input WhenOnly One Input Is Variable第6页/共85页Slide 8Demand for

2、a Factor Input WhenOnly One Input Is Variable第7页/共85页Slide 9Demand for a Factor Input WhenOnly One Input Is Variable第8页/共85页Slide 10Hours of WorkWages($ perhour)MRPL = MPLx PCompetitive Output Market (P = MR)MRPL = MPL x MRMonopolistic Output Market(P MR)第9页/共85页Slide 11Demand for a Factor Input Whe

3、nOnly One Input Is Variable第10页/共85页Slide 12w*SLIn a competitive labor market, a firm faces a perfectly elastic supply of laborand can hire as many workers as it wants at w*.Quantity of LaborPrice ofLaborWhy not hire fewer or more workers than L*.MRPL = DLL*The profit maximizing firm willhire L* uni

4、ts of labor at the point where the marginal revenue productof labor is equal to the wage rate.第11页/共85页Slide 13Demand for a Factor Input WhenOnly One Input Is Variable第12页/共85页Slide 14Quantity of LaborPrice ofLaborw1S1MRPL = DLL1w2L2S2第13页/共85页Slide 15production of MC MPMP MRMR)(MPMRP workersofnumbe

5、r maximizingprofit at and MR)(MP(MRPLLLLLLwwww第14页/共85页Slide 16第15页/共85页Slide 17Demand for a Factor Input WhenSeveral Inputs Are Variable第16页/共85页Slide 18Demand for a Factor Input WhenSeveral Inputs Are Variable第17页/共85页Slide 19MRPL1MRPL2When two or more inputs arevariable, a firms demand for one in

6、putdepends on the marginal revenue product of both inputs.Hours of WorkWages($ perhour)051015204080120160When the wage rate is $20, A represents one point on the firmsdemand for labor curve.When the wage rate falls to $15, theMRP curve shifts, generating a newpoint C on the firms demand forlabor cur

7、ve. Thus A and C areon the demand for labor curve, butB is not.DLABC第18页/共85页Slide 20Industry Demand for Labor第19页/共85页MRPL1Labor(worker-hours)Labor(worker-hours)Wage($ perhour)Wage($ perhour)05101505101550100150L0L2DL1Horizontal sum ifproduct priceunchanged120MRPL2L1IndustryDemandCurveDL2FirmIndust

8、ry第20页/共85页Slide 22第21页/共85页Slide 23第22页/共85页Slide 24第23页/共85页Slide 25第24页/共85页Slide 26AirlineElasticityAirlineElasticity第25页/共85页Slide 27第26页/共85页Slide 28Quantity of Jet FuelPriceMRPLRMRPSR第27页/共85页Slide 29第28页/共85页SMarket Supplyof fabricYards ofFabric (thousands)Yards ofFabric (thousands)Price($ p

9、eryard)Price($ peryard)DMarket Demandfor fabric100ME = AE1010Supply ofFabric Facing Firm50Demand for FabricMRPObservations1) The firm is a price taker at $10.2) S = AE = ME = $103) ME = MRP 50 units第29页/共85页Slide 31第30页/共85页Slide 32第31页/共85页Slide 33第32页/共85页Slide 34第33页/共85页Slide 35Income Effect Sub

10、stitution EffectHours of Work per DayWage($ perhour)Supply of Labor第34页/共85页12CWorker chooses point A:16 hours leisure, 8 hour workIncome = $8016QPAw = $10Hours of LeisureIncome($ perday)024082448020Bw = $20Suppose wages increase to $20 Substitution effectIncome effectIncrease wage to $20 worker cho

11、oses: 20 hour leisure, 4 hours work income = $80第35页/共85页Slide 37第36页/共85页Heads HoursSpouses HoursHeads Hourswith Respect towith Respect towith Respect toGroupHeads WageSpouses WageSpouses WageUnmarried males.026(no children)Unmarried females.106(with children)Unmarried females.011(no children)One-e

12、arner family-.078(with children)One-earner family.007(no children)Two-earner family-.002-.086-.004(with children)Two-earner family-.107-.028-.059(no children)第37页/共85页Slide 39第38页/共85页SL = AESL = AEDL = MRPLDL = MRPLP * MPLNumber of WorkersNumber of WorkersWageWageCompetitive Output MarketMonopolist

13、ic Output MarketwCLCwMLMvMAB第39页/共85页Slide 41第40页/共85页Slide 42第41页/共85页Slide 43第42页/共85页Slide 44Total expenditure (wage) paidis 0w* x AL*Economic RentEconomic rent is ABW*BNumber of WorkersWageSL = AEDL = MRPLw*L*A0The economic rent associated with theemployment of labor is the excess of wages paid

14、above the minimum amount neededto hire workers.第43页/共85页Slide 45第44页/共85页Slide 46第45页/共85页Slide 47EconomicRents1EconomicRents2Number of AcresPrice($ peracre)Supply of LandD2D1第46页/共85页Slide 48第47页/共85页Slide 49第48页/共85页Slide 50Number of Skilled WorkersWageSLDL = MRPLw*w0Shortage第49页/共85页Slide 51第50页/

15、共85页Slide 52第51页/共85页Slide 53第52页/共85页Slide 54SL = Average Expenditure (AE)MarginalExpenditure (ME)Why is marginal expendituregreater than SL?D = MRPLUnits of InputPrice(per unitof input)01234655101520w* = 13L*wcLcC第53页/共85页Slide 55第54页/共85页Slide 56第55页/共85页Slide 57第56页/共85页Slide 58第57页/共85页Slide 59

16、第58页/共85页Slide 60第59页/共85页Slide 61第60页/共85页Slide 62SLDLMRWhen a labor union is a monopolist, it chooses among points on the buyersdemand for labor curve.Number of WorkersWageperworkerAL*w*The seller can maximize the number of workershired, at L*, by agreeing that workers will work at wage w*.第61页/共8

17、5页Slide 63EconomicRentw1L1The quantity of labor L1 that maximizesthe rent that employees earn is determinedby the intersection of the marginal revenueand supply or labor curves; union membersreceive a wage rate of w1.SLDLMRNumber of WorkersWageperworkerAL2w2Finally, if the union wishes to maximize t

18、otalwages paid to workers, it should allow L2union members to be employed at a wagerate of w2 because the marginal revenueto the union will then be zero.L*w*第62页/共85页Slide 64第63页/共85页Slide 65第64页/共85页Slide 66Number of WorkersWageperworkerDUDNUDLSLw*ULwUWhen a monopolistic unionraises the wage rate in theunionized sector of theeconomy from w* to wU, employment in that sector falls.For the tot