经济学CHAPTER 18.docx
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经济学CHAPTER 18.docx
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经济学CHAPTER18
CHAPTER18
THEMARKETSFORTHEFACTORSOFPRODUCTION
LEARNINGOBJECTIVES:
Øthelabordemandofcompetitive,profit-maximizingfirms.
Øthehouseholddecisionsthatliebehindlaborsupply.
Øwhyequilibriumwagesequalthevalueofthemarginalproductoflabor.
Øhowtheotherfactorsofproduction—landandcapital—arecompensated.
Øhowachangeinthesupplyofonefactoralterstheearningsofallofthefactors.
KEYPOINTS:
1.Theeconomy’sincomeisdistributedinthemarketsforthefactorsofproduction.Thethreemostimportantfactorsofproductionarelabor,land,andcapital.
2.Thedemandforfactors,suchaslabor,isaderiveddemandthatcomesfromfirmsthatusethefactorstoproducegoodsandservices.Competitive,profit-maximizingfirmshireeachfactoruptothepointatwhichthevalueofthemarginalproductofthefactorequalsitsprice.
3.Thesupplyoflaborarisesfromindividuals’tradeoffsbetweenworkandleisure.Anupward-slopinglaborsupplycurvemeansthatpeoplerespondtoanincreaseinthewagebyenjoyinglessleisureandworkingmorehours.
4.Thepricepaidtoeachfactoradjuststobalancethesupplyanddemandforthatfactor.Becausefactordemandreflectsthevalueofthemarginalproductofthatfactor,inequilibriumeachfactoriscompensatedaccordingtoitsmarginalcontributiontotheproductionofgoodsandservices.
5.Becausefactorsofproductionareusedtogether,themarginalproductofanyonefactordependsonthequantitiesofallfactorsthatareavailable.Asaresult,achangeinthesupplyofonefactoralterstheequilibriumearningsofallthefactors.
OUTLINE:
I.Definitionoffactorsofproduction:
theinputsusedtoproducegoodsandservices.
A.Themarketsforthesefactorsofproductionaresimilartothemarketsforgoodsandservicesdiscussedearlier,buttheyaredifferentinoneimportantway.
B.Thedemandforafactorofproductionisaderiveddemand,meaningthatthefirm'sdemandforafactorofproductionisderivedfromitsdecisiontosupplyagoodinanothermarket.
II.TheDemandforLabor
Note:
Inthemarketforlabor,householdsarethesupplierswhilefirmsarethedemanders.
A.Thewageearnedbyworkersisdeterminedbythesupplyanddemandforworkers.
B.TheCompetitiveProfit-MaximizingFirm
Figure1
1.Example:
Afirmthatownsanorchardmustdecidehowmanyapplepickerstohire.
2.Assumethatthefirmoperatesinbothacompetitiveoutputmarketandacompetitivelabormarket.
a.Thisimpliesthatthefirmisapricetakerintheapplemarket,meaningthatithasnocontroloverthepriceatwhichitcansellitsapples.
b.Thefirmisalsoapricetakerinthelabormarket,meaningthatithasnocontroloverthewagethatitmustpayitsapplepickers.
3.Assumealsothatthefirm'sgoalistomaximizeprofit(totalrevenue–totalcost).
C.TheProductionFunctionandtheMarginalProductofLabor
1.Thefirmmustconsiderhowthequantityofapplesitcanharvestandsellisaffectedbythenumberofapplepickershired.
2.Definitionofproductionfunction:
therelationshipbetweenthequantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.
3.Definitionofmarginalproductoflabor:
theincreaseintheamountofoutputfromanadditionalunitoflabor.
Table1
L
Q
MPL
VMPL
(=PxMPL)
W
MarginalProfit
0
0
----
----
----
----
1
100
100
$1,000
$500
$500
2
180
80
800
500
300
3
240
60
600
500
100
4
280
40
400
500
–100
5
300
20
200
500
–300
4.Definitionofdiminishingmarginalproduct:
thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.
Figure2
D.TheValueofMarginalProductandtheDemandforLabor
1.Whendecidinghowmanyworkerstohire,thefirmconsidershowmuchprofiteachworkerwouldbringin.
2.Becauseprofitequalstotalrevenueminustotalcost,theprofitfromanadditionalworkeristheworker'scontributiontorevenueminustheworker'swage.
3.Definitionofvalueofthemarginalproduct:
themarginalproductofaninputtimesthepriceoftheoutput.
a.Economistssometimesrefertothevalueofmarginalproductasthefirm’smarginalrevenueproduct.
b.Thevalueofthemarginalproductistheextrarevenueafirmgetsfromhiringanadditionalunitofafactorofproduction.
4.Ifthewageforworkersis$500perweek,thefirmwillonlyhirethreeworkers.
a.Forthefirstthreeworkers,thevalueofthemarginalproductisgreaterthanthewage,sothemarginalprofitfromhiringtheseworkersispositive.
b.Forthefourthworker,thevalueofthemarginalproductislowerthanthewage,sothemarginalprofitfromhiringthisworkerwouldbenegative.
5.Wecanshowthefirm'sdecisiongraphically.
Figure3
a.Thevalueofthemarginalproductcurvewillslopedownwardbecauseofthediminishingmarginalproductoflabor.
b.Thewageisdepictedbyahorizontallinebecausethefirmisapricetakerinthelabormarket.
6.Acompetitive,profit-maximizingfirmhiresworkersuptothepointwherethevalueofthemarginalproductoflaborisequaltothewage.
7.Becausethefirmchoosesthequantityoflaboratwhichthevalueofthemarginalproductequalsthewage,thevalue-of-marginal-productcurveisthefirm'slabordemandcurve.
Note:
Becausethevalueofthemarginalproductinvolvesboththemarginalproductandthepriceofthegood,anychangeinthesetwoelementswillleadtoachangeinthedemandforlabor.
E.FYI:
InputDemandandOutputSupply:
TwoSidesoftheSameCoin
1.IfWisthewageandanextraunitoflaborproducesMPLunitsofoutput,thenthemarginalcostofaunitofoutputisMC=W/MPL.
2.Aprofit-maximizingfirmchoosesthequantityoflaborsothatthevalueofthemarginalproduct(PMPL)isequaltothewage(W):
PMPL=W.
DividebothsidesbyMPLtoget:
P=W/MPL.
SinceW/MPL=MC,wehave:
P=MC.
3.Whenacompetitivefirmhireslaboruptothepointatwhichthevalueofthemarginalproductisequaltothewage,italsoproducesalevelofoutputatwhichpriceequalsmarginalcost.
F.WhatCausestheLaborDemandCurvetoShift?
1.TheOutputPrice
a.Anincreaseinthepriceoftheproductraisesthevalueofthemarginalproductoflaborandthereforeincreasesthedemandforlabor.
b.Adecreaseinthepriceoftheproductlowersthevalueofthemarginalproductoflaborandthereforedecreasesthedemandforlabor.
2.TechnologicalChange
a.Technologicaladvanceraisesthemarginalproductoflabor,whichinturnraisesthevalueofthemarginalproductoflabor.
b.Thus,anynewtechnologywillleadtoanincreaseinthedemandforlabor.
3.TheSupplyofOtherFactors
a.Thequantityavailableofonefactorcanaffectthemarginalproductofanother.
b.Therefore,anychangeintheavailabilityofanotherfactorwilllikelyaffectthedemandforlabor.
III.TheSupplyofLabor
A.TheTradeoffbetweenWorkandLeisure
1.Anyhoursspentworkingarehoursthatcouldbedevotedtosomethingelselikestudying,orwatchingtelevision.Economistsrefertoalltimenotspentworkingforpayas“leisure.”
2.Theopportunitycostofanhourofleisureistheamountofmoneythatwouldhavebeenearnedifthathourwasspentatwork.
3.Therefore,asthewageincreases,sodoestheopportunitycostofleisure.
4.Thelaborsupplycurveshowshowindividualsrespondtochangesinthewageintermsofthelabor-leisuretradeoff.
a.Anupward-slopinglaborsupplycurvemeansthatanincreaseinthewageinducesworkerstoincreasethequantityoflabortheysupply.
b.Notethat,forsomeindividuals,thelaborsupplycurvemayinfactbebackwardbending.ThissituationisdiscussedmoreindetailinChapter21.
B.WhatCausestheLaborSupplyCurvetoShift?
1.ChangesinTastes(forleisurevs.working)
2.ChangesinAlternativeOpportunities(otheroccupations)
3.Immigration
IV.EquilibriumintheLaborMarket
Figure4
A.MarginalProductinEquilibrium
1.Thewageadjuststobalancethesupplyanddemandforlabor.
2.Thewageequalsthevalueofthemarginalproductoflabor.
3.Atthelabormarketequilibrium,eachfirmhasboughtasmuchlaborasitfindsprofitableattheequilibriumwage.
4.Thus,anyeventthatchangesthesupplyordemandforlabormustchangetheequilibriumwageandthevalueofthemarginalproductbythesameamount,becausethesemustalwaysbeequal.
B.ShiftsinLaborSupply
Figure5
1.Anincreaseinthesupplyoflaborwouldshiftthesupplycurvetotheright,creatingasurplusofworkersattheoriginalwage.Thiswillputdownwardpressureontheequilibriumwagecausingthequantityoflabordemandedtorise.
a.Asthenumberofworkersemployedrises,themarginalproductoflaborfallsduetothediminishingmarginalproductoflabor.
b.Thus,boththewageandthevalueofthemarginalproductoflaborarenowlower.
2.Adecreaseinthesupplyoflaborwouldshiftthesupplycurvetotheleft,creatingashortageofworkersattheoriginalwage.Thiswillputupwardpressureontheequilibriumwagecausingthequantityoflabordemandedtofall.
a.Asthenumberofworkersemployedfalls,themarginalproductoflaborrisesduetothediminishingmarginalproductoflabor.
b.Thus,boththewageandthevalueofthemarginalproductoflaborarenowhigher.
C.ShiftsinLaborDemand
Figure6
1.Anincreaseinthedemandforlaborwillshiftthelabordemandcurvetotheright,creatingashortageattheoriginalwage.Thiswillputupwardpressureontheequilibriumwagecausingthequantityoflaborsuppliedtoincrease.
a.ThevalueofthemarginalproductrisesbecauseVMPL=P*MPL(andeitherPor
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