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- 2. Topics: 1. General characteristics of the market of production resources. 2. Labor market and wages. 3.
- 3. References: A practical guide to seminars on economic theory. – M.: Vlados, 2016 .– 272 p.
- 4. Resource Demand As long as the additional revenue from employing another worker exceeds the additional cost,
- 5. Resource Supply Resource owners will supply their resources to the highest-paying alternative, other things equal Since
- 6. Demand and Supply of Resources Firms demand resources so as to maximize profit and households supply
- 7. Exhibit 1: Resource Market for Carpenters W 0 E Hours of labor per period D S
- 8. Market Demand for Resources Why do firms employ resources? Resources are used to produce goods and
- 9. Market Demand for Resources The market demand for a particular resource is the sum of demands
- 10. Market Demand for Resources Consider first the producer’s greater willingness to hire resources as the resource
- 11. Market Demand for Resources A lower price for a resource also increases a producer’s ability to
- 12. Market Supply for Resources The market supply curve of a resource sums all the individual supply
- 13. Market Supply for Resources Resource suppliers are more willing because a higher resource price, other things
- 14. Market Supply for Resources Resource supply curves also slope upward because resource owners are able to
- 15. Temporary and Permanent Resource Price Differences Resource owners have a strong interest in selling their resources
- 16. Exhibit 2: Market for Carpenters in Alternative Uses $25 (a) Home building Sh D h 0
- 17. Temporary Differences in Resource Prices Resource prices sometimes differ temporarily across markets because adjustment takes time
- 18. Permanent Differences in Resource Prices Not all resource price differences cause a reallocation of resources For
- 19. Summary Temporary price differences spark the movement of resources away from lower-paid uses toward higher-paid uses
- 20. Opportunity Cost and Economic Rent Recall that opportunity cost is what that resources could earn in
- 21. Opportunity Cost and Economic Rent The division between these two categories depends on the resource owner’s
- 22. All Earnings are Economic Rent If the supply of a resource to a particular market is
- 23. Exhibit 3: Opportunity Cost and Economic Rent D o l l a r s p e
- 24. D o l l a r s p e r u n i t $10 0
- 25. $10 5 0 5,000 10,000 Hours of labor per week Opportunity costs Economic rent S D
- 26. Summary Note that specialized resources tend to earn a higher proportion of economic rent than do
- 27. Closer Look at Resource Demand In our discussion of a firm’s costs, we varied the amount
- 28. Exhibit 4: Marginal Revenue Product Possible employment levels of the variable resource listed in column (1).
- 29. Marginal Revenue Product The important question is what happens to the firm’s revenue when additional workers
- 30. Marginal Revenue Product A resource’s marginal revenue product depends on How much additional output the resource
- 31. Selling Output as a Price Taker The calculation of marginal revenue product is simplest when the
- 32. Exhibit 4: Marginal Revenue Product Marginal revenue product is shown in the sixth column and is
- 33. Selling Output as a Price Maker If the firm has some market power over the price
- 34. Exhibit 5: Marginal Revenue Product for a Price Maker The marginal revenue product of labor, which
- 35. Marginal Resource Cost Marginal resource cost is the additional cost to the firm of employing one
- 36. Exhibit 6: Market Equilibrium For a Resource and the Firm’s Employment Decision $200 Workers per day
- 37. Resource Employment For all resources employed, the firm should hire additional units up to the level
- 38. Summary Maximum profit (or minimum loss) occurs where the marginal revenue from output equals its marginal
- 39. Shifts in the Demand for Resources A resource’s marginal revenue product consists of two components The
- 40. Change in the Price of Other Resources The marginal product of any resource depends on the
- 41. Change in the Price of Other Resources Complements A decrease in the price of one resource
- 42. Changes in Technology Technological improvements can boost the productivity of some resources but can make others
- 43. Change in the Demand for the Final Product Because the demand is derived from the demand
- 44. More than One Resource As long as the marginal revenue product exceeds the marginal resource cost,
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