要素投入品市场(I)

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1、Chapter14MarketsforFactorInputs1Chapter14TopicstobeDiscussedCompetitiveFactorMarketsEquilibriuminaCompetitiveFactorMarketFactorMarketswithMonopsonyPowerFactorMarketswithMonopolyPower2Chapter14CompetitiveFactorMarketsCharacteristics1)Largenumberofsellersofthef

2、actorofproduction2)Largenumberofbuyersofthefactorofproduction3)Thebuyersandsellersofthefactorofproductionarepricetakers3Chapter14CompetitiveFactorMarketsDemandforaFactorInputWhenOnlyOneInputIsVariableDemandforfactorinputsisaderiveddemand…derivedfromfactorcost

3、andoutputdemand4Chapter14CompetitiveFactorMarketsAssumeTwoinputs:Capital(K)andLabor(L)CostofKisrandthecostoflaboriswKisfixedandLisvariableDemandforaFactorInputWhenOnlyOneInputIsVariable5Chapter14CompetitiveFactorMarketsProblemHowmuchlabortohireDemandforaFacto

4、rInputWhenOnlyOneInputIsVariable6Chapter14CompetitiveFactorMarketsMeasuringtheValueofaWorker’sOutputMarginalRevenueProductofLabor(MRPL)MRPL=(MPL)(MR)DemandforaFactorInputWhenOnlyOneInputIsVariable7Chapter14CompetitiveFactorMarketsAssumeperfectcompetitioninthe

5、productmarketThenMR=PDemandforaFactorInputWhenOnlyOneInputIsVariable8Chapter14CompetitiveFactorMarketsQuestionWhatwillhappentothevalueofMRPLwhenmoreworkersarehired?DemandforaFactorInputWhenOnlyOneInputIsVariable9Chapter14MarginalRevenueProductHoursofWorkWages

6、($perhour)MRPL=MPLxPCompetitiveOutputMarket(P=MR)MRPL=MPLxMRMonopolisticOutputMarket(Pw(themarginalcostofhiringaworker):hiretheworkerIfMRPL

7、ximizingamountoflaborDemandforaFactorInputWhenOnlyOneInputIsVariable11Chapter14w*SLInacompetitivelabormarket,afirmfacesaperfectlyelasticsupplyoflaborandcanhireasmanyworkersasitwantsatw*.HiringbyaFirmintheLaborMarket(withCapitalFixed)QuantityofLaborPriceofLab

8、orWhynothirefewerormoreworkersthanL*.MRPL=DLL*TheprofitmaximizingfirmwillhireL*unitsoflaboratthepointwherethemarginalrevenueproductoflaborisequaltothewagerate.12Chapter14CompetitiveFactor