曼昆經(jīng)濟(jì)學(xué)原理18-生產(chǎn)要素市場(chǎng).ppt

TheEconomicsofLaborMarkets Chapter18 FactorsofProduction Factorsofproductionaretheinputsusedtoproducegoodsandservices TheMarketfortheFactorsofProduction Thedemandforafactorofproductionisaderiveddemand Afirm sdemandforafactorofproductionisderivedfromitsdecisiontosupplyagoodinanothermarket TheDemandforLabor Labormarkets likeothermarketsintheeconomy aregovernedbytheforcesofsupplyanddemand TheVersatilityofSupplyandDemand a TheMarketforApples b TheMarketforApplePickers QuantityofApples QuantityofApplePickers Q L P W 0 0 PriceofApples WageofApplePickers Demand Demand Supply Supply TheDemandForLabor Mostlaborservices ratherthanbeingfinalgoodsreadytobeenjoyedbyconsumers areinputsintotheproductionofothergoods TheProductionFunctionandTheMarginalProductofLabor Theproductionfunctionillustratestherelationshipbetweenthequantityofinputsusedandthequantityofoutputofagood HowtheCompetitiveFirmDecidesHowMuchLabortoHire TheProductionFunction 0 50 100 150 200 250 300 350 0 1 2 3 4 5 6 QuantityofApplePickers QuantityofApples TheProductionFunctionandTheMarginalProductofLabor Themarginalproductoflaboristheincreaseintheamountofoutputfromanadditionalunitoflabor MPL Q LMPL Q2 Q1 L2 L1 DiminishingMarginalProductofLabor Asthenumberofworkersincreases themarginalproductoflabordeclines Asmoreandmoreworkersarehired eachadditionalworkercontributeslesstoproductionthanthepriorone Theproductionfunctionbecomesflatterasthenumberofworkersrises Thispropertyiscalleddiminishingmarginalproduct TheProductionFunction 0 50 100 150 200 250 300 350 0 1 2 3 4 5 6 QuantityofApplePickers QuantityofApples TheValueoftheMarginalProductofLabor Thevalueofthemarginalproductisthemarginalproductoftheinputmultipliedbythemarketpriceoftheoutput VMPL MPLXP TheValueoftheMarginalProductofLabor Thevalueofthemarginalproductismeasuredindollars Itdiminishesasthenumberofworkersrisesbecausethemarketpriceofthegoodisconstant TheValueoftheMarginalProductandtheDemandforLabor Tomaximizeprofit thecompetitive profit maximizingfirmhiresworkersuptothepointwherethevalueofmarginalproductoflaborequalsthewage VMPL Wage TheValueoftheMarginalProductandtheDemandforLabor Thevalue of marginal productcurveisthelabordemandcurveforacompetitive profit maximizingfirm TheValueoftheMarginalProductofLabor 0 0 Valueofmarginalproduct demandcurveforlabor InputDemandandOutputSupply Whenacompetitivefirmhireslaboruptothepointatwhichthevalueofthemarginalproductequalsthewage italsoproducesuptothepointatwhichthepriceequalsthemarginalcost WhatCausestheLaborDemandCurvetoShift OutputPriceTechnologicalChangeSupplyofOtherfactors TheLaborSupplyCurve Thelaborsupplycurvereflectshowworkers decisionsaboutthelabor leisuretradeoffrespondtochangesinopportunitycost Anupward slopinglaborsupplycurvemeansthatanincreaseinthewagesinducesworkerstoincreasethequantityoflabortheysupply TheLaborSupplyCurve Supply Wage priceoflabor QuantityofLabor 0 WhatCausestheLaborSupplyCurvetoShift ChangesinTastesChangesinAlternativeOpportunitiesImmigration EquilibriumintheLaborMarket Thewageadjuststobalancethesupplyanddemandforlabor Thewageequalsthevalueofthemarginalproductoflabor EquilibriumintheLaborMarket Supply Wage priceoflabor QuantityofLabor 0 Demand EquilibriumintheLaborMarket Laborsupplyandlabordemanddeterminetheequilibriumwage Shiftsinthesupplyordemandcurveforlaborcausetheequilibriumwagetochange AShiftinLaborSupply W1 0 L1 Supply S1 Demand AShiftinLaborSupply Anincreaseinthesupplyoflabor Resultsinasurplusoflabor Putsdownwardpressureonwages Makesitprofitableforfirmstohiremoreworkers Resultsindiminishingmarginalproduct Lowersthevalueofthemarginalproduct Givesanewequilibrium AShiftinLaborDemand W1 0 L1 Supply Demand D1 ShiftsinLaborDemand Anincreaseinthedemandforlabor Makesitprofitableforfirmstohiremoreworkers Putsupwardpressureonwages Raisesthevalueofthemarginalproduct Givesanewequilibrium ThreeDeterminantsofProductivity PhysicalCapitalWhenworkersworkwithalargerquantityofequipmentandstructures theyproducemore HumanCapitalWhenworkersaremoreeducated theyproducemore TechnologicalKnowledgeWhenworkershaveaccesstomoresophisticatedtechnologies theyproducemore ProductivityandWageGrowthintheUnitedStates ProductivityandWageGrowtharoundtheWorld OtherFactorsofProduction LandandCapital Capitalreferstothestockofequipmentandstructuresusedforproduction Theeconomy scapitalrepresentstheaccumulationofgoodsproducedinthepastthatarebeingusedinthepresenttoproducenewgoodsandservices PricesofLandandCapital Thepurchasepriceiswhatapersonpaystoownafactorofproductionindefinitely Therentalpriceiswhatapersonpaystouseafactorofproductionforalimitedperiodoftime EquilibriuminMarketsforLandandCapital Therentalpriceoflandandtherentalpriceofcapitalaredeterminedbysupplyanddemand Thefirmincreasesthequantityhireduntilthevalueofthefactor smarginalproductequalsthefactor sprice TheMarketsforLandandCapital QuantityofLand QuantityofCapital Q Q P P 0 0 RentalPriceofLand RentalPriceofCapital Demand Demand Supply Supply a TheMarketforLand b TheMarketforCapital EquilibriuminMarketsforLandandCapital Eachfactor srentalpricemustequalthevalueoftheirmarginalproduct Theyeachearnthevalueoftheirmarginalcontributiontotheproductionprocess LinkagesAmongtheFactorsofProduction Factorsofproductionareusedtogether Themarginalproductofanyonefactordependsonthequantitiesofallfactorsthatareavailable LinkagesAmongtheFactorsofProduction Achangeinthesupplyofonefactoralterstheearningsofallthefactors LinkagesAmongtheFactorsofProduction Achangeinearningsofanyfactorcanbefoundbyanalyzingtheimpactoftheeventonthevalueofthemarginalproductofthatfactor Summary Thethreemostimportantfactorsofproductionarelabor land andcapital Thedemandforfactors suchaslabor isaderiveddemandthatcomesfromfirmsthatusethefactorstoproducegoodsandservices Competitive profit maximizingfirmshireeachfactoruptothepointatwhichthevalueofthemarginalproductofthefactorequalsitsprice Summary Thesupplyoflaborarisesfromindividuals tradeoffbetweenworkandleisure Anupward slopinglaborsupplycurvemeansthatpeoplerespondtoanincreaseinthewagebyenjoyinglessleisureandworkingmorehours Su