曼昆經(jīng)濟(jì)學(xué)原理教案18

1、,,,,The Economics of Labor Markets,Chapter 18,Copyright © 2001 by Harcourt, Inc.All rights reserved.   Requests for permission to make copies of any part of thework should be mailed to:Permissions Depa

2、rtment, Harcourt College Publishers,6277 Sea Harbor Drive, Orlando, Florida 32887-6777.,Factors of Production,Factors of production are the inputs used to produce goods and services.,,,,,The Market for the Factors of Pr

3、oduction,The demand for a factor of production is a derived demand.A firm’s demand for a factor of production is derived from its decision to supply a good in another market.,The Demand for Labor,Labor markets, like oth

4、er markets in the economy, are governed by the forces of supply and demand.,,,,,,The Versatility of Supply and Demand...,(a) The Market for Apples,(b) The Market for Apple Pickers,,,,,,,,,,,Quantity of Apples,Quantity of

5、 Apple Pickers,Q,L,P,W,0,0,Price of Apples,Wage of Apple Pickers,Demand,Demand,Supply,Supply,,The Demand For Labor,Most labor services, rather than being final goods ready to be enjoyed by consumers, are inputs into the

6、production of other goods.,The Production Function and The Marginal Product of Labor,The production function illustrates the relationship between the quantity of inputs used and the quantity of output of a good.,How the

7、Competitive Firm Decides How Much Labor to Hire,The Production Function...,,,,,,,,,,,,,,,,,,0,50,100,150,200,250,300,350,0,1,2,3,4,5,6,Quantity of Apple Pickers,Quantity of Apples,The Production Function and The Marginal

8、 Product of Labor,The marginal product of labor is the increase in the amount of output from an additional unit of labor.MPL = ?Q/?LMPL = (Q2 – Q1)/(L2 – L1),Diminishing Marginal Product of Labor,As the number of worke

9、rs increases, the marginal product of labor declines. As more and more workers are hired, each additional worker contributes less to production than the prior one.The production function becomes flatter as the number

10、of workers rises.,This property is called diminishing marginal product.,The Production Function...,,,,,,,,,,,,,,,,,,0,50,100,150,200,250,300,350,0,1,2,3,4,5,6,Quantity of Apple Pickers,Quantity of Apples,The Value of the

11、 Marginal Product of Labor,The value of the marginal product is the marginal product of the input multiplied by the market price of the output.VMPL = MPL X P,The Value of the Marginal Product of Labor,The value of the m

12、arginal product is measured in dollars.It diminishes as the number of workers rises because the market price of the good is constant.,The Value of the Marginal Product and the Demand for Labor,To maximize profit, the co

13、mpetitive, profit-maximizing firm hires workers up to the point where the value of marginal product of labor equals the wage. VMPL = Wage,The Value of the Marginal Product and the Demand for Labor,The value-of-marginal-

14、product curve is the labor demand curve for a competitive, profit-maximizing firm.,,,,,The Value of the Marginal Product of Labor...,0,0,Value of marginal product,(demand curve for labor),,,Input Demand and Output Supply

15、,When a competitive firm hires labor up to the point at which the value of the marginal product equals the wage, it also produces up to the point at which the price equals the marginal cost.,What Causes the Labor Demand

16、Curve to Shift?,Output PriceTechnological ChangeSupply of Other factors,The Labor Supply Curve,The labor supply curve reflects how workers’ decisions about the labor-leisure tradeoff respond to changes in opportunity c

17、ost.An upward-sloping labor supply curve means that an increase in the wages induces workers to increase the quantity of labor they supply.,The Labor Supply Curve,,,,Supply,Wage (price of labor),Quantity of Labor,0,What

18、 Causes the Labor Supply Curve to Shift?,Changes in TastesChanges in Alternative OpportunitiesImmigration,Equilibrium in the Labor Market,The wage adjusts to balance the supply and demand for labor.The wage equals the

19、 value of the marginal product of labor.,,,Equilibrium in the Labor Market...,,,Supply,Wage (price of labor),Quantity of Labor,0,,Demand,,Equilibrium in the Labor Market,Labor supply and labor demand determine the equili

20、brium wage.Shifts in the supply or demand curve for labor cause the equilibrium wage to change.,,,A Shift in Labor Supply...,W1,0,L1,Supply, S1,Demand,,,,,,,,,,,A Shift in Labor Supply,An increase in the supply of labor

21、 :Results in a surplus of labor.Puts downward pressure on wages.Makes it profitable for firms to hire more workers.Results in diminishing marginal product.Lowers the value of the marginal product.Gives a new equili

22、brium.,A Shift in Labor Demand...,W1,0,L1,Supply,Demand, D1,,,,,,,Shifts in Labor Demand,An increase in the demand for labor :Makes it profitable for firms to hire more workers.Puts upward pressure on wages.Raises the

23、 value of the marginal product.Gives a new equilibrium.,Three Determinants of Productivity,Physical CapitalWhen workers work with a larger quantity of equipment and structures, they produce more.Human CapitalWhen wor

24、kers are more educated, they produce more.Technological KnowledgeWhen workers have access to more sophisticated technologies, they produce more.,,,,,Productivity and Wage Growth in the United States,,,,Productivity and

25、 Wage Growth around the World,Other Factors of Production: Land and Capital,Capital refers to the stock of equipment and structures used for production.The economy’s capital represents the accumulation of goods produced

26、 in the past that are being used in the present to produce new goods and services.,Prices of Land and Capital,The purchase price is what a person pays to own a factor of production indefinitely.The rental price is what

27、a person pays to use a factor of production for a limited period of time.,Equilibrium in Markets for Land and Capital,The rental price of land and the rental price of capital are determined by supply and demand. The fi

28、rm increases the quantity hired until the value of the factor’s marginal product equals the factor’s price.,,,,,The Markets for Land and Capital...,,,,,,,,,,,,Quantity of Land,Quantity of Capital,Q,Q,P,P,0,0,Rental Price

29、 of Land,Rental Price of Capital,Demand,Demand,Supply,Supply,(a) The Market for Land,(b) The Market for Capital,,Equilibrium in Markets for Land and Capital,Each factor’s rental price must equal the value of their margin

30、al product. They each earn the value of their marginal contribution to the production process.,,,,,Linkages Among the Factors of Production,Factors of production are used together.The marginal product of any one factor

31、 depends on the quantities of all factors that are available.,Linkages Among the Factors of Production,A change in the supply of one factor alters the earnings of all the factors.,Linkages Among the Factors of Production

32、,A change in earnings of any factor can be found by analyzing the impact of the event on the value of the marginal product of that factor.,Summary,The three most important factors of production are labor, land, and capit

33、al.The demand for factors, such as labor, is a derived demand that comes from firms that use the factors to produce goods and services.Competitive, profit-maximizing firms hire each factor up to the point at which the

34、value of the marginal product of the factor equals its price.,Summary,The supply of labor arises from individuals’ tradeoff between work and leisure.An upward-sloping labor supply curve means that people respond to an i

35、ncrease in the wage by enjoying less leisure and working more hours.,Summary,The price paid to each factor adjusts to balance the supply and demand for that factor.Because factor demand reflects the value of the margina

36、l product of that factor, in equilibrium each factor is compensated according to its marginal contribution to the production of goods and services.,Summary,Because factors of production are used together, the marginal pr

37、oduct of any one factor depends on the quantities of all factors that are available.As a result, a change in the supply of one factor alters the equilibrium earnings of all the factors.,The Versatility of Supply and Dem

38、and...,The Production Function...,The Value of the Marginal Product of Labor...,The Labor Supply Curve,Equilibrium in the Labor Market...,A Shift in Labor Supply...,A Shift in Labor Demand...,The Markets for Land and Cap