曼昆经济学原理英文版文案加习题答案18章.docx
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曼昆经济学原理英文版文案加习题答案18章
18
8
THEMARKETSFORTHEFACTORSOFPRODUCTION
roduction
WHAT’SNEWINTHESEVENTHEDITION:
Thetablesandvalueshavebeenupdatedtothemostrecentlyavailablenumbers.TheInTheNewsfeatureon"TheEconomicsofImmigration"hasbeenupdated.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øthelabordemandofcompetitive,profit-maximizingfirms.
Øthehouseholddecisionsthatliebehindlaborsupply.
Øwhyequilibriumwagesequalthevalueofthemarginalproductoflabor.
Øhowtheotherfactorsofproduction—landandcapital—arecompensated.
Øhowachangeinthesupplyofonefactoralterstheearningsofallofthefactors.
CONTEXTANDPURPOSE:
Chapter18isthefirstchapterinathree-chaptersequencethataddressestheeconomicsoflabormarkets.Chapter18developsandanalyzesthemarketsforthefactorsofproduction—labor,land,andcapital.Chapter19buildsonChapter18andexplainsinmoredetailwhysomeworkersearnmorethanothersdo.Chapter20addressesthedistributionofincomeandtherolethegovernmentcanplayinalteringthedistributionofincome.
ThepurposeofChapter18istoprovidethebasictheoryfortheanalysisoffactormarkets—themarketsforlabor,land,andcapital.Asyoumightexpect,wefindthatthewagesearnedbythefactorsofproductiondependonthesupplyanddemandforthefactor.Whatisnewintheanalysisisthatthedemandforafactorisaderiveddemand.Thatis,afirm’sdemandforafactorisdeterminedbyitsdecisiontosupplyagoodinanothermarket.
KEYPOINTS:
∙Theeconomy’sincomeisdistributedinthemarketsforthefactorsofproduction.Thethreemostimportantfactorsofproductionarelabor,land,andcapital.
∙Thedemandforfactors,suchaslabor,isaderiveddemandthatcomesfromfirmsthatusethefactorstoproducegoodsandservices.Competitive,profit-maximizingfirmshireeachfactoruptothepointatwhichthevalueofthefactor'smarginalproductequalsitsprice.
∙Thesupplyoflaborarisesfromindividuals’trade-offsbetweenworkandleisure.Anupward-slopinglaborsupplycurvemeansthatpeoplerespondtoanincreaseinthewagebyworkingmorehoursandenjoyinglessleisure.
∙Thepricepaidtoeachfactoradjuststobalancethesupplyanddemandforthatfactor.Becausefactordemandreflectsthevalueofthemarginalproductofthatfactor,inequilibriumeachfactoriscompensatedaccordingtoitsmarginalcontributiontotheproductionofgoodsandservices.
∙Becausefactorsofproductionareusedtogether,themarginalproductofanyonefactordependsonthequantitiesofallfactorsthatareavailable.Asaresult,achangeinthesupplyofonefactoralterstheequilibriumearningsofallthefactors.
CHAPTEROUTLINE:
Beginthischapterbyreviewinghowdemandandsupplydetermineproductprices.Startbyasking,“Whyischickencheaperthansteak?
”and“Whyareapplescheaper（perpound）thangrapes?
”Reviewtheexplanationsusingsupplyanddemandanalysis.Nowask,“Whydoairlinepilotsearnmorethanschoolbusdrivers?
”and“WhyislandontheBoardwalkinAtlanticCitymoreexpensivethanland50milessouthwestofAtlanticCity?
”
I.Definitionoffactorsofproduction:
theinputsusedtoproducegoodsandservices.
A.Themarketsforthesefactorsofproductionaresimilartothemarketsforgoodsandservicesdiscussedearlier,buttheyaredifferentinoneimportantway.
B.Thedemandforafactorofproductionisaderiveddemand,meaningthatthefirm'sdemandforafactorofproductionisderivedfromitsdecisiontosupplyagoodinanothermarket.
II.TheDemandforLabor
Inthemarketforlabor,householdsarethesupplierswhilefirmsarethedemanders.Youwillneedtoremindstudentsofthisbecausetheyareusedtoseeingmarketsinwhichthisisreversed.
A.Thewageearnedbyworkersisdeterminedbythesupplyanddemandforworkers.
Figure1
B.TheCompetitiveProfit-MaximizingFirm
1.Example:
Afirmthatownsanorchardmustdecidehowmanyapplepickerstohire.
2.Assumethatthefirmoperatesinbothacompetitiveoutputmarketandacompetitivelabormarket.
a.Thisimpliesthatthefirmisapricetakerintheapplemarket,meaningthatithasnocontroloverthepriceatwhichitcansellitsapples.
b.Thefirmisalsoapricetakerinthelabormarket,meaningthatithasnocontroloverthewagethatitmustpayitsapplepickers.
3.Assumealsothatthefirm'sgoalistomaximizeprofit（totalrevenue–totalcost）.
C.TheProductionFunctionandtheMarginalProductofLabor
1.Thefirmmustconsiderhowthequantityofapplesitcanharvestandsellisaffectedbythenumberofapplepickershired.
2.Definitionofproductionfunction:
therelationshipbetweenthequantityofinputsusedtomakeagoodandthequantityofoutputofthatgood.
3.Definitionofmarginalproductoflabor:
theincreaseintheamountofoutputfromanadditionalunitoflabor.
Table1
L
Q
MPL
VMPL
（=PxMPL）
W
MarginalProfit
0
0
----
----
----
----
1
100
100
$1,000
$500
$500
2
180
80
800
500
300
3
240
60
600
500
100
4
280
40
400
500
–100
5
300
20
200
500
–300
4.Definitionofdiminishingmarginalproduct:
thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases.
Figure2
D.TheValueoftheMarginalProductandtheDemandforLabor
1.Whendecidinghowmanyworkerstohire,thefirmconsidershowmuchprofiteachworkerwouldbringin.
2.Becauseprofitequalstotalrevenueminustotalcost,theprofitfromanadditionalworkeristheworker'scontributiontorevenueminustheworker'swage.
3.Definitionofvalueofthemarginalproduct:
themarginalproductofaninputtimesthepriceoftheoutput.
a.Economistssometimesrefertothevalueofthemarginalproductasthefirm’smarginalrevenueproduct.
b.Thevalueofthemarginalproductistheextrarevenueafirmgetsfromhiringanadditionalunitofafactorofproduction.
ALTERNATIVECLASSROOMEXAMPLE:
Binkle,Inc.producesandsellsplasticbottlesinaperfectlycompetitivemarketatapriceof$0.25.Binklehiresitslaborinaperfectlycompetitivelabormarketatanhourlywageof$10.Therelationshipbetweenthequantityoflaborhiredandtheamountofoutputproducedperhourispresentedinthefollowingtable:
L
Q
MPL
VMPL
（=PxMPL）
W
MarginalProfit
0
0
----
----
----
----
1
90
90
$22.5
$10
$12.5
2
170
80
20
10
10
3
240
70
17.5
10
7.5
4
300
60
15
10
5
5
350
50
12.5
10
2.5
6
390
40
10
10
0
7
420
30
7.5
10
–2.5
8
440
20
5
10
–5
4.Ifthewageforworkersis$500perweek,thefirmwillonlyhirethreeworkers.
a.Forthefirstthreeworkers,thevalueofthemarginalproductisgreaterthanthewage,sothemarginalprofitfromhiringtheseworkersispositive.
b.Forthefourthworker,thevalueofthemarginalproductislowerthanthewage,sothemarginalprofitfromhiringthisworkerwouldbenegative.
5.Wecanshowthefirm'sdecisiongraphically.
a.Thevalueofthemarginalproductcurvewillslopedownwardbecauseofthediminishingmarginalproductoflabor.
b.Thewageisdepictedbyahorizontallinebecausethefirmisapricetakerinthelabormarket.
6.Acompetitive,profit-maximizingfirmhiresworkersuptothepointatwhichthevalueofthemarginalproductoflaborequalsthewage.
Figure3
7.Becausethefirmchoosesthequantityoflaboratwhichthevalueofthemarginalproductequalsthewage,thevalue-of-the-marginal-productcurveisthefirm'slabordemandcurve.
Emphasizethatbecausethevalueofthemarginalproductinvolvesboththemarginalproductandthepriceofthegood,anychangeineitherofthesetwodeterminantswillleadtoachangeinthedemandforlabor.
E.FYI:
InputDemandandOutputSupply:
TwoSidesoftheSameCoin
1.IfWisthewageandanextraunitoflaborproducesMPLunitsofoutput,thenthemarginalcostofaunitofoutputisMC=W/MPL.
2.Aprofit-maximizingfirmchoosesthequantityoflaborsothatthevalueofthemarginalproduct（PxMPL）isequaltothewage（W）:
PxMPL=W.
DividebothsidesbyMPLtoget:
P=W/MPL.
BecauseW/MPL=MC,wehave:
P=MC.
Studentswillprobablynotappreciatehowimportantthisis.Forthatreason,makesurethatyougothroughitslowly.
3.Whenacompetitivefirmhireslaboruptothepointatwhichthevalueofthemarginalproductisequaltothewage,italsoproducesalevelofoutputatwhichpriceequalsmarginalcost.
F.WhatCausestheLaborDemandCurvetoShift?
1.TheOutputPrice
a.Anincreaseinthepriceoftheproductraisesthevalueofthemarginalproductoflaborandthereforeincreasesthedemandforlabor.
b.Adecreaseinthepriceoftheproductlowersthevalueofthemarginalproductoflaborandthereforedecreasesthedemandforlabor.
2.TechnologicalChange
a.Technologicaladvanceraisesthemarginalproductoflabor,whichinturnraisesthevalueofthemarginalproductoflabor.
b.Itisalsopossiblefortechnologicalchangetoreducelabordemand.Alabor-savingtechnologicalchange（suchasanindustrialrobot）couldreducethemarginalproductoflaborandthusthevalueofthemarginalproductoflabor.
c.Historysuggeststhatmosttechnologicalprogresshasbeenlaboraugmenting.
3.TheSupplyofOtherFactors
a.Thequantityavailableofonefactorcanaffectthemarginalproductofanother.
b.Therefore,anychangeintheavailabilityofanotherfactorwilllikelyaffectthedemandforlabor.
III.TheSupplyofLabor
A.TheTrade-offbetweenWorkandLeisure
1.Anyhoursspentworkingarehoursthatcouldbedevotedtosometh
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