平狄克微观经济学第六版第十四章课后
答案
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The following two chapters examine the markets for labor and capital. Although the discussion in this chapter is general, most of the examples refer to labor as the only variable input to production, with the exception of Example 14.1, which discuss “The Demand for Jet Fuel” by airlines. Labor demand and supply are discusd in the first ction, and the competitive factor market equilibrium and economic rent are discusd in the cond ction. Section 14.3 explores the factor market structure for the ca where the buyer has monopsony power, and ction 14.4 explores the ca of monopoly power on the part of the ller of the factor.
An understanding of this chapter relies on concepts from Chapters 4 through 8 and 10. If you have just covered Chapters 11-13, you might begin by reviewing marginal product, marginal
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采取措施英语revenue, and cost minimization. You should then discuss marginal revenue product and the profit-maximizing condition MRPL = w. Explain why we are only interested in the portion of the MP curve below the average product curve (the downward-sloping portion). The derivation of the firm’s demand curve for labor is straightforward when labor is the only factor, but becomes more complicated when there are veral variable inputs. In particular, you might explain why the MRPL curve shifts as the firm substitutes one input for another in production in respon to a price change by noting that the MRPL curve is drawn for a fixed level of the other variable input.
When prenting the market labor demand curve, explain that since the input prices change as more inputs are demanded, the market demand curve is not simply the summation of individual demand curves. You can extend the prentation of price elasticity of input demand (e Example 14.1) by discussing the conditions leading to price nsitivity. Elasticity is greater (1) when the elasticity of demand for the product is higher, (2) when it is easy to substitute one input for another, and (3) when the elasticity of supply is higher for other inputs. Elasticity of supply, which was discusd in Chapter 2, is reintroduced in Example 14.2.
You should also distinguish between short-run and long-run elasticity (e Figure 14.6).
If you have already covered substitution and income effects, the students will be ready for the derivation of the backward-bending supply curve for labor. Although Figure 14.9 is a straightforward application of the tools, students are often confud by the plotting of income against leisure. Point out that this is just another type of utility maximization problem where the two goods are leisure and income. Income can be thought of as the consumption of goods other than leisure, in that more income buys more goods. You can also implicitly assume that the price of other goods is $1 and the price of leisure is the wage. The supply of labor curve is derived by changing the wage and finding the new level of hours worked. An individual’s supply curve of labor is backward bending only when the income effect dominates the substitution effect and leisure is a normal good. Show typical supply curves for each group in Table 14.2. For an experimental study of the labor-leisure trade-off e Battalio, Green, and Kagel, “Income-Leisure Tradeoff of Animal Workers,” American Economic Review (September 1981).
Section 14.2 brings together labor demand and supply for
both competitive and monopolistic Although economic rent was prented in Chapter 8, it is reintroduced with more detail here. In Section 14.3, carefully explain why the marginal expenditure curve is above the average expenditure curve for a monopsonist (e Figure 14.14). You can discus
s how a monopsonist would price discriminate, e.g., pay a different wage rate to each employee. With perfect price discrimination, the marginal revenue expenditure curve would coincide with the average expenditure curve. Although monopsony exists in some markets, the exerci of monopsony power is rare becau of factor mobility. However, the employment of athletes by the owners of professional teams provides a good example (e Example 14.4 “Monopsony Power in the Market for Baball Players”). On this same topic, e Sommers and Quinton, “Pay and Performance in Major League Baball: The Ca of the First Family of Free Agents,” Journal of Hu man Resources (Summer 1982). Section 14.4 discuss the ca of unions to explore monopoly power on the part of the ller of the input.
平狄克微观经济学第六版课后答案
1. Why is a firm’s demand for labor curve more inelastic when the firm has monopoly power in the output market than when the
firm is producing competitively?
The firm’s demand curve for labor is determined by the incremental revenue from
怎么了用英语怎么说hiring an additional unit of labor known as the marginal revenue product of labor:
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MRPL = (MPL)(MR), the additional output (“product”) that the last worker produced,
times the additional revenue earned by lling that output. In a competitive industry,
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the marginal revenue curve is perfectly elastic and equal to price. For a monopolist,六一儿童节手抄报内容资料
marginal revenue is downward sloping. As more labor is hired and more output is
drink的过去式produced, the monopolist will charge a lower price and marginal revenue will diminish.
All el the same, marginal revenue product will be smaller for the monopolist. Thisinvestigator
implies that the marginal revenue product for the monopolist is more inelastic than for
the competitive firm.
2. Why might a labor supply curve be backward bending?
