forFactorInputs(微观经济学-华侨大学,JeffCaldw.pptx

forFactorInputs(微观经济学-华侨大学,JeffCaldw.pptx

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,Chapter14,MarketsforFactorInputs,1,Chapter1,TopicstobeDiscussed,CompetitiveFactorMarketsEquilibriuminaCompetitiveFactorMarketFactorMarketswithMonopsonyPowerFactorMarketswithMonopolyPower,2,Chapter1,CompetitiveFactorMarkets,Characteristics1）Largenumberofsellersofthefactorofproduction2）Largenumberofbuyersofthefactorofproduction3）Thebuyersandsellersofthefactorofproductionarepricetakers,3,Chapter1,CompetitiveFactorMarkets,DemandforaFactorInputWhenOnlyOneInputIsVariableDemandforfactorinputsisaderiveddemandderivedfromfactorcostandoutputdemand,4,Chapter1,CompetitiveFactorMarkets,AssumeTwoinputs:

Capital（K）andLabor（L）CostofKisrandthecostoflaboriswKisfixedandLisvariable,DemandforaFactorInputWhenOnlyOneInputIsVariable,5,Chapter1,CompetitiveFactorMarkets,ProblemHowmuchlabortohire,DemandforaFactorInputWhenOnlyOneInputIsVariable,6,Chapter1,CompetitiveFactorMarkets,MeasuringtheValueofaWorkersOutputMarginalRevenueProductofLabor（MRPL）MRPL=（MPL）（MR）,DemandforaFactorInputWhenOnlyOneInputIsVariable,7,Chapter1,CompetitiveFactorMarkets,AssumeperfectcompetitionintheproductmarketThenMR=P,DemandforaFactorInputWhenOnlyOneInputIsVariable,8,Chapter1,CompetitiveFactorMarkets,QuestionWhatwillhappentothevalueofMRPLwhenmoreworkersarehired?

DemandforaFactorInputWhenOnlyOneInputIsVariable,9,Chapter1,MarginalRevenueProduct,HoursofWork,Wages（$perhour）,10,Chapter1,CompetitiveFactorMarkets,Choosingtheprofit-maximizingamountoflaborIfMRPLw（themarginalcostofhiringaworker）:

hiretheworkerIfMRPLw:

hirelesslaborIfMRPL=w:

profitmaximizingamountoflabor,DemandforaFactorInputWhenOnlyOneInputIsVariable,11,Chapter1,HiringbyaFirmintheLaborMarket（withCapitalFixed）,QuantityofLabor,PriceofLabor,WhynothirefewerormoreworkersthanL*.,12,Chapter1,CompetitiveFactorMarkets,Ifthemarketsupplyoflaborincreasedrelativetodemand（babyboomersorfemaleentry）,asurplusoflaborwouldexistandthewageratewouldfall.QuestionHowwouldthisimpactthequantitydemandedforlabor?

DemandforaFactorInputWhenOnlyOneInputIsVariable,13,Chapter1,AShiftintheSupplyofLabor,QuantityofLabor,PriceofLabor,14,Chapter1,CompetitiveFactorMarkets,ComparingInputandOutputMarkets,15,Chapter1,CompetitiveFactorMarkets,ComparingInputandOutputMarketsInbothmarkets,inputandoutputchoicesoccurwhereMR=MCMRfromthesaleoftheoutputMCfromthepurchaseoftheinput,16,Chapter1,CompetitiveFactorMarkets,ScenarioProducingfarmequipmentwithtwovariableinputs:

LaborAssembly-linemachineryAssumethewageratefalls,DemandforaFactorInputWhenSeveralInputsAreVariable,17,Chapter1,CompetitiveFactorMarkets,QuestionHowwillthedecreaseinthewagerateimpactthedemandforlabor?

DemandforaFactorInputWhenSeveralInputsAreVariable,18,Chapter1,FirmsDemandCurveforLabor（withVariableCapital）,HoursofWork,Wages（$perhour）,0,5,10,15,20,40,80,120,160,19,Chapter1,AssumethatallfirmsrespondtoalowerwageAllfirmswouldhiremoreworkers.Marketsupplywouldincrease.Themarketpricewillfall.Thequantitydemandedforlaborbythefirmwillbesmaller.,CompetitiveFactorMarkets,IndustryDemandforLabor,20,Chapter1,MRPL1,TheIndustryDemandforLabor,Labor（worker-hours）,Labor（worker-hours）,Wage（$perhour）,Wage（$perhour）,0,5,10,15,0,5,10,15,50,100,150,L0,Firm,Industry,21,Chapter1,TheIndustryDemandforLabor,QuestionHowwouldachangetoanon-competitivemarketimpactthederivationofthemarketdemandforlabor?

22,Chapter1,TheDemandforJetFuel,ObservationsJetfuelisafactor（input）costCostofjetfuel1971-Jetfuelcostequaled12.4%oftotaloperatingcost1980-Jetfuelcostequaled30.0%oftotaloperatingcost1990s-Jetfuelcostequaled15.0%oftotaloperatingcost,23,Chapter1,TheDemandforJetFuel,ObservationsAirlinesrespondedtohigherpricesinthe1970sbyreducingthequantityofjetfuelusedTon-milesincreasedby29.6%&jetfuelconsumedroseby8.8%,24,Chapter1,TheDemandforJetFuel,ObservationsThedemandforjetfuelimpactstheairlinesandrefineriesalikeTheshort-runpriceelasticityofdemandforjet-fuelisveryinelastic,25,Chapter1,Short-runPriceElasticityofDemandforJetFuel,American-.06Delta-.15Continental-.09TWA-.10Northwest-.07United-.10,AirlineElasticityAirlineElasticity,26,Chapter1,TheDemandforJetFuel,QuestionHowwouldthelong-runpriceelasticityofdemandcomparetotheshort-run?

27,Chapter1,TheShort-andLong-RunDemandforJetFuel,QuantityofJetFuel,Price,MRPLR,MRPSR,28,Chapter1,CompetitiveFactorMarkets,TheSupplyofInputstoaFirmDetermininghowmuchofaninputtopurchaseAssumeaperfectlycompetitivefactormarket,29,Chapter1,AFirmsInputSupplyinaCompetitiveFactorMarket,YardsofFabric（thousands）,YardsofFabric（thousands）,Price（$peryard）,Price（$peryard）,30,Chapter1,CompetitiveFactorMarkets,TheMarketSupplyofInputsThemarketsupplyforphysicalinputsisupwardslopingExamples:

jetfuel,fabric,steelThemarketsupplyforlabormaybeupwardslopingandbackwardbending,31,Chapter1,CompetitiveFactorMarkets,TheSupplyofLaborThechoicetosupplylaborisbasedonutilitymaximizationLeisurecompeteswithlaborforutilityWageratemeasuresthepriceofleisureHigherwageratecausesthepriceofleisuretoincrease,32,Chapter1,CompetitiveFactorMarkets,TheSupplyofLaborHigherwagesencourageworkerstosubstituteworkforleisure（i.e.thesubstitutioneffect）Higherwagesallowtheworkertopurchasemoregoods,includingleisurewhichreducesworkhours（i.e.theincomeeffect）,33,Chapter1,CompetitiveFactorMarkets,TheSupplyofLaborIftheincomeeffectexceedsthesubstitutioneffectthesupplycurveisbackwardbending,34,Chapter1,IncomeEffectSubstitutionEffect,IncomeEffectSubstitutionEffect,Backward-BendingSupplyofLabor,HoursofWorkperDay,Wage（$perhour）,SupplyofLabor,35,Chapter1,SubstitutionandIncomeEffectsofaWageIncrease,HoursofLeisure,Income（$perday）,0,240,8,24,36,Chapter1,LaborSupplyforOne-andTwo-EarnerHouseholds,FemalePercentofLaborForce1950-29%1999-60%,37,Chapter1,ElasticitiesofLaborSupply（HoursWorked）,HeadsHoursSpousesHoursHeadsHourswithRespecttowithRespecttowithRespecttoGroupHeadsWageSpousesWageSpousesWage,Unmarriedmales.026（nochildren）Unmarriedfemales.106（withchildren）Unmarriedfemales.011（nochildren）One-earnerfamily-.078（withchildren）One-earnerfamily.007（nochildren）Two-earnerfamily-.002-.086-.004（withchildren）Two-earnerfamily-.107-.028-.059（nochildren）,38,Chapter1,EquilibriuminaCompetitiveFactorMarket,Acompetitivefactormarketisinequilibriumwhenthepriceoftheinputequatesthequantitydemandedtothequantitysupplied.,39,Chapter1,LaborMarketEquilibrium,NumberofWorkers,NumberofWorkers,Wage,Wage,CompetitiveOutputMarket,MonopolisticOutputMarket,40,Chapter1,LaborMarketEquilibrium,EquilibriuminaCompetitiveOutputMarketDL（MRPL）=SLwC=MRPLMRPL=（P）（MPL）Marketsareefficient,EquilibriuminaMonopolisticOutputMarketMRPMRP=（MR）（MPL）HireLMatwagewMvM=marginalbenefittoconsumerswM=marginalcosttothefirm,41,Chapter1,LaborMarketEquilibrium,EquilibriuminaCompetitiveOutputMarketDL（MRPL）=SLwC=MRPLMRPL=（P）（MPL）Marketsareefficient,EquilibriuminaMonopolisticOutputMarketProfitsmaximizedUsinglessthantheefficientlevelofinput,42,Chapter1,EconomicRentForafactormarket,economicrentisthedifferencebetweenthepaymentsmadetoafactorofproductionandtheminimumamountthatmustbespenttoobtaintheuseofthatfactor.,EquilibriuminaCompetitiveFactorMarket,43,Chapter1,Totalexpenditure（wage）paidis0w*xAL*,EconomicRent,NumberofWorkers,Wage,0,Theeconomicrentassociatedwiththeemploymentoflaboristheexcessofwagespaidabovetheminimumamountneededtohireworkers.,44,Chapter1,EconomicRent,QuestionWhatwouldbetheeconomicrentifSLisperfectlyelasticorperfectlyinelastic?

45,Chapter1,Land:

APerfectlyInelasticSupplyWithlandinelasticallysupplied,itspriceisdeterminedentirelybydemand,atleastintheshortrun.,EquilibriuminaCompetitiveFactorMarket,46,Chapter1,LandRent,NumberofAcres,Price（$peracre）,SupplyofLand,D2,D1,47,Chapter1,PayintheMilitary,DuringtheCivilWar90%ofthearmedforceswereunskilledworkersinvolvedingroundcombat.Today,only16%areunskilledworkersinvolvedingroundcombat.,48,Chapter1,PayintheMilitary,Shortagesofskilledpersonnelhasoccurred?

Why?

Hint:

Ifthereisashortage,thewagemustbebelowthe?

49,Chapter1,TheShortageofSkilledMilitaryPersonnel,NumberofSkilledWorkers,Wage,SL,DL=MRPL,w*,50,Chapter1,PayintheMilitary,MilitarypayisbasedonyearsofservicenotMRP.MRPincreasesandtheprivatesectorpayisgreaterthanmilitarypay.Manyleavethemilitary.,51,Chapter1,PayintheMilitary,SolutionSelectivereenlistmentbonusesBasepayonMRP,52,Chapter1,FactorMarketswithMonopsonyPower,AssumeTheoutputmarketisperfectlycompetitive.Inputmarketispuremonopsony.,53,Chapter1,D=MRPL,MarginalandAverageExpenditure,UnitsofInput,Price（perunitofinput）,0,1,2,3,4,6,5,5,10,15,20,54,Chapter1,FactorMarketswithMonopsonyPower,ExamplesofMonopsonyPowerGovernmentSoldiersMissilesB2BombersNASAAstronautsCompanytown,55,Chapter1,MonopsonyPowerintheMarketforBaseballPlayers,BaseballownerscreatedamonopsonisticcartelReserveclausepreventedcompetitionforplayers1975-Freeagencyaftersixyears1969-Averagesalarywas$42,000（$200,000in1999dollars）1997-Averagesalarywas$1,383,578,56,Chapter1,Baseballownerscreatedamonopolisticcartel1975salarieswere25%ofteamexpenditures1980salarieswere40%ofteamexpenditures,MonopsonyPowerintheMarketforBaseballPlayers,57,Chapter1,Te