微观经济学讲义第14章 要素投入品市场.ppt
《微观经济学讲义第14章 要素投入品市场.ppt》由会员分享,可在线阅读,更多相关《微观经济学讲义第14章 要素投入品市场.ppt(85页珍藏版)》请在三一文库上搜索。
1、,Chapter 14,Markets for Factor Inputs,Chapter 14,Slide 2,Topics to be Discussed,Competitive Factor Markets Equilibrium in a Competitive Factor Market Factor Markets with Monopsony Power Factor Markets with Monopoly Power,Chapter 14,Slide 3,Competitive Factor Markets,Characteristics 1) Large number o
2、f sellers of the factor of production 2) Large number of buyers of the factor of production 3) The buyers and sellers of the factor of production are price takers,Chapter 14,Slide 4,Competitive Factor Markets,Demand for a Factor Input When Only One Input Is Variable Demand for factor inputs is a der
3、ived demand derived from factor cost and output demand,Chapter 14,Slide 5,Competitive Factor Markets,Assume Two inputs: Capital (K) and Labor (L) Cost of K is r and the cost of labor is w K is fixed and L is variable,Demand for a Factor Input When Only One Input Is Variable,Chapter 14,Slide 6,Compet
4、itive Factor Markets,Problem How much labor to hire,Demand for a Factor Input When Only One Input Is Variable,Chapter 14,Slide 7,Competitive Factor Markets,Measuring the Value of a Workers Output Marginal Revenue Product of Labor (MRPL) MRPL = (MPL)(MR),Demand for a Factor Input When Only One Input
5、Is Variable,Chapter 14,Slide 8,Competitive Factor Markets,Assume perfect competition in the product market Then MR = P,Demand for a Factor Input When Only One Input Is Variable,Chapter 14,Slide 9,Competitive Factor Markets,Question What will happen to the value of MRPL when more workers are hired?,D
6、emand for a Factor Input When Only One Input Is Variable,Chapter 14,Slide 10,Marginal Revenue Product,Hours of Work,Wages ($ per hour),Chapter 14,Slide 11,Competitive Factor Markets,Choosing the profit-maximizing amount of labor If MRPL w (the marginal cost of hiring a worker): hire the worker If MR
7、PL w: hire less labor If MRPL = w: profit maximizing amount of labor,Demand for a Factor Input When Only One Input Is Variable,Chapter 14,Slide 12,Hiring by a Firm in the Labor Market (with Capital Fixed),Quantity of Labor,Price of Labor,Why not hire fewer or more workers than L*.,Chapter 14,Slide 1
8、3,Competitive Factor Markets,If the market supply of labor increased relative to demand (baby boomers or female entry), a surplus of labor would exist and the wage rate would fall. Question How would this impact the quantity demanded for labor?,Demand for a Factor Input When Only One Input Is Variab
9、le,Chapter 14,Slide 14,A Shift in the Supply of Labor,Quantity of Labor,Price of Labor,Chapter 14,Slide 15,Competitive Factor Markets,Comparing Input and Output Markets,Chapter 14,Slide 16,Competitive Factor Markets,Comparing Input and Output Markets In both markets, input and output choices occur w
10、here MR = MC MR from the sale of the output MC from the purchase of the input,Chapter 14,Slide 17,Competitive Factor Markets,Scenario Producing farm equipment with two variable inputs: Labor Assembly-line machinery Assume the wage rate falls,Demand for a Factor Input When Several Inputs Are Variable
11、,Chapter 14,Slide 18,Competitive Factor Markets,Question How will the decrease in the wage rate impact the demand for labor?,Demand for a Factor Input When Several Inputs Are Variable,Chapter 14,Slide 19,Firms Demand Curve for Labor (with Variable Capital),Hours of Work,Wages ($ per hour),0,5,10,15,
12、20,40,80,120,160,Chapter 14,Slide 20,Assume that all firms respond to a lower wage All firms would hire more workers. Market supply would increase. The market price will fall. The quantity demanded for labor by the firm will be smaller.,Competitive Factor Markets,Industry Demand for Labor,The Indust
13、ry Demand for Labor,Labor (worker-hours),Labor (worker-hours),Wage ($ per hour),Wage ($ per hour),0,5,10,15,0,5,10,15,50,100,150,L0,Firm,Industry,Chapter 14,Slide 22,The Industry Demand for Labor,Question How would a change to a non-competitive market impact the derivation of the market demand for l
14、abor?,Chapter 14,Slide 23,The Demand for Jet Fuel,Observations Jet fuel is a factor (input) cost Cost of jet fuel 1971-Jet fuel cost equaled 12.4% of total operating cost 1980-Jet fuel cost equaled 30.0% of total operating cost 1990s-Jet fuel cost equaled 15.0% of total operating cost,Chapter 14,Sli
15、de 24,The Demand for Jet Fuel,Observations Airlines responded to higher prices in the 1970s by reducing the quantity of jet fuel used Ton-miles increased by 29.6% & jet fuel consumed rose by 8.8%,Chapter 14,Slide 25,The Demand for Jet Fuel,Observations The demand for jet fuel impacts the airlines an
16、d refineries alike The short-run price elasticity of demand for jet-fuel is very inelastic,Chapter 14,Slide 26,Short-run Price Elasticity of Demand for Jet Fuel,American -.06 Delta -.15 Continental -.09 TWA -.10 Northwest -.07 United -.10,Airline Elasticity Airline Elasticity,Chapter 14,Slide 27,The
17、 Demand for Jet Fuel,Question How would the long-run price elasticity of demand compare to the short-run?,Chapter 14,Slide 28,The Short- and Long-Run Demand for Jet Fuel,Quantity of Jet Fuel,Price,Chapter 14,Slide 29,Competitive Factor Markets,The Supply of Inputs to a Firm Determining how much of a
18、n input to purchase Assume a perfectly competitive factor market,A Firms Input Supply in a Competitive Factor Market,Yards of Fabric (thousands),Yards of Fabric (thousands),Price ($ per yard),Price ($ per yard),Chapter 14,Slide 31,Competitive Factor Markets,The Market Supply of Inputs The market sup
19、ply for physical inputs is upward sloping Examples: jet fuel, fabric, steel The market supply for labor may be upward sloping and backward bending,Chapter 14,Slide 32,Competitive Factor Markets,The Supply of Labor The choice to supply labor is based on utility maximization Leisure competes with labo
20、r for utility Wage rate measures the price of leisure Higher wage rate causes the price of leisure to increase,Chapter 14,Slide 33,Competitive Factor Markets,The Supply of Labor Higher wages encourage workers to substitute work for leisure (i.e. the substitution effect) Higher wages allow the worker
21、 to purchase more goods, including leisure which reduces work hours (i.e. the income effect),Chapter 14,Slide 34,Competitive Factor Markets,The Supply of Labor If the income effect exceeds the substitution effect the supply curve is backward bending,Chapter 14,Slide 35,Backward-Bending Supply of Lab
22、or,Hours of Work per Day,Wage ($ per hour),Substitution and Income Effects of a Wage Increase,Hours of Leisure,Income ($ per day),0,240,8,24,Chapter 14,Slide 37,Labor Supply for One- and Two-Earner Households,Female Percent of Labor Force 1950 - 29% 1999 - 60%,Elasticities of Labor Supply (Hours Wor
23、ked),Heads Hours Spouses Hours Heads Hours with Respect to with Respect to with Respect to Group Heads Wage Spouses Wage Spouses Wage,Unmarried males .026 (no children) Unmarried females .106 (with children) Unmarried females .011 (no children) One-earner family -.078 (with children) One-earner fami
24、ly .007 (no children) Two-earner family -.002 -.086 -.004 (with children) Two-earner family -.107 -.028 -.059 (no children),Chapter 14,Slide 39,Equilibrium in a Competitive Factor Market,A competitive factor market is in equilibrium when the price of the input equates the quantity demanded to the qu
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 微观经济学讲义第14章 要素投入品市场 微观经济学 讲义 14 要素 投入 市场
链接地址:https://www.31doc.com/p-3050347.html