生产要素市场曼昆经济.ppt

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1、The Markets for the Factors of Production,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,1,Fac

2、tors of Production,Factors of productionInputs used to produce goods and servicesLaborLandCapital Demand for a factor of productionDerived demandFrom firms decision to supply a good in another market,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in par

3、t,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,2,The Demand for Labor,Labor marketGoverned by supply and demandLabor demandDerived demandLabor services=inputs into the production of other goods,

4、3,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Figure 1,4,2015 Cengage Learning.All Rights R

5、eserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Versatility of Supply and Demand,The basic tools of supply and demand apply t

6、o goods and to labor services.Panel(a)shows how the supply and demand for apples determine the price of apples.Panel(b)shows how the supply and demand for apple pickers determine the wage of apple pickers.,(a)The market for apples,(b)The market for apple pickers,Supply,Demand,Q,P,Supply,Demand,L,W,T

7、he Demand for Labor,Assumptions for the competitive firmFirm is competitive in both marketsFor goods and for laborPrice taker Pay the market wageGet the market price for goodsDecideQuantity of goods to sellQuantity of labor to hireFirm is profit-maximizing,5,2015 Cengage Learning.All Rights Reserved

8、.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Demand for Labor,Production functionRelationship between the quantity of inputs used

9、 to make a good And the quantity of output of that goodBecomes flatter as the quantity of input increases,6,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or

10、otherwise on a password-protected website for classroom use.,The Demand for Labor,Marginal product of labor(MPL)Increase in the amount of outputFrom an additional unit of laborDiminishing marginal productThe marginal product of an input declinesAs the quantity of the input increasesExplains the shap

11、e of the production function,7,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Table 1,8,2015 C

12、engage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,How the Competitive Firm Decides How Much Labor to Hi

13、re,Production function,Figure 2,9,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Productio

14、n Function,The production function shows how an input into production(apple pickers)influences the output from production(apples).As the quantity of the input increases,the production function gets flatter,reflecting the property of diminishing marginal product.,1,100,2,3,4,5,300,240,180,280,The Dem

15、and for Labor,Value of the marginal product of labor(VMPL)Marginal product of labor times the price of the outputMarginal revenue productAdditional revenue from hiring one additional unit of laborDiminishes as the number of workers rises,10,2015 Cengage Learning.All Rights Reserved.May not be copied

16、,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Figure 3,11,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or

17、in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Value of the Marginal Product of Labor,This figure shows how the value of the marginal product(the marginal product times the price of th

18、e output)depends on the number of workers.The curve slopes downward because of diminishing marginal product.For a competitive,profit-maximizing firm,this value-of-marginal-product curve is also the firms labor-demand curve.,Profit-maximizing quantity,Marketwage,Value of marginal product(demand curve

19、 for labor),The Demand for Labor,Competitive,profit-maximizing firmHires workers up to the point where the value of the marginal product of labor=wageThe value-of-marginal-product curveIs the labor-demand curveLabor-demand curveReflects the value of marginal product of labor,12,2015 Cengage Learning

20、.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Demand for Labor,Shift in the labor-demand curveChange in the ou

21、tput priceDemand for labor:VMPL=MPL P of outputTechnological changeTechnological advanceCan raise MPL:increase demand for laborLabor-saving technologyCan reduce MPL:decrease demand for laborSupply of other factorsAffect marginal product of other factor,13,2015 Cengage Learning.All Rights Reserved.Ma

22、y not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Supply of Labor,Trade-offWork vs.leisureLabor-supply curveReflects how workers decision

23、s about the labor-leisure trade-offRespond to a change in opportunity cost of leisure,14,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a pass

24、word-protected website for classroom use.,“I really didnt enjoy working five days a week,fifty weeks a year for forty years,but I needed the money.”,The Supply of Labor,Shift in the labor-supply curveChanges in tastesChange in attitude toward workChanges in alternative opportunitiesOpportunities ava

25、ilable in other labor marketsImmigration Movement of workers from region to region or country to country,15,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or

26、otherwise on a password-protected website for classroom use.,Equilibrium in the Labor Market,Wages in competitive labor marketsAdjusts to balance the supply&demand for laborEquals the value of the marginal product of laborChanges in supply or demand for laborChange the equilibrium wageChange the val

27、ue of the marginal product by the same amount,16,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use

28、.,Figure 4,17,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Equilibrium in a Labor Market,Lik

29、e all prices,the price of labor(the wage)depends on supply and demand.Because the demand curve reflects the value of the marginal product of labor,in equilibrium workers receive the value of their marginal contribution to the production of goods and services.,Equilibriumemployment,L,Equilibriumwage,

30、W,Demand,Supply,Equilibrium in the Labor Market,Increase in supplyDecrease in wageLower marginal product of laborLower value of marginal product of laborHigher employment,18,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permit

31、ted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Figure 5,19,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a

32、 certain product or service or otherwise on a password-protected website for classroom use.,A Shift in Labor Supply,When labor supply increases from S1 to S2,perhaps because of an immigration of new workers,the equilibrium wage falls from W1 to W2.At this lower wage,firms hire more labor,so employme

33、nt rises from L1 to L2.The change in the wage reflects a change in the value of the marginal product of labor:With more workers,the added output from an extra worker is smaller.,L1,W1,Demand,Supply,S1,S2,W2,L2,1.An increase inlabor supply.,2.reducesthe wage.,3.and raises employment.,Equilibrium in t

34、he Labor Market,Increase in demandHigher wageNo change in marginal product of laborHigher value of marginal product of laborHigher employment,20,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed

35、with a certain product or service or otherwise on a password-protected website for classroom use.,Figure 6,21,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service o

36、r otherwise on a password-protected website for classroom use.,A Shift in Labor Demand,When labor demand increases from D1 to D2,perhaps because of an increase in the price of the firms output,the equilibrium wage rises from W1 to W2,and employment rises from L1 to L2.The change in the wage reflects

37、 a change in the value of the marginal product of labor:With a higher output price,the added output from an extra worker is more valuable.,L1,W1,Demand,D1,Supply,D2,W2,L2,1.An increase inlabor demand.,2.increasesthe wage.,3.and increases employment.,Productivity and wages,Standard of livingDepends o

38、n our ability to produce goods and servicesWages=productivityAs measured by the value of the marginal product of laborHighly productive workers are highly paidLess productive workers are less highly paid,22,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or

39、 in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Productivity and wages,Workers todayAre better off than workers in previous generationsProductivity real wages growth1959 to 2012Productivit

40、y(output per hour of work)Grew about 2.1%per yearReal wages(wages adjusted for inflation)Grew at 1.8%per yearProductivity&real wages double every 35 years,23,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license

41、 distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Productivity and wages,Productivity real wages growth1973 1995:significant slowdown in productivity growth(from 2.8 to 1.4%)Slowdown in real wage growth:from 2.8 to 1.2%1995 2012:productivi

42、ty growth=2.3%per yearReal wages grew by 1.9%per year,24,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for class

43、room use.,Table 2,25,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Productivity and Wage Grow

44、th in the United States,Source:Bureau of Labor Statistics.Growth in productivity is measured here as the annualized rate of change in output per hour in the nonfarm business sector.Growth in real wages is measured as the annualized change in compensation per hour in the nonfarm business sector divid

45、ed by the implicit price deflator for that sector.These productivity data measure average productivitythe quantity of output divided by the quantity of laborrather than marginal productivity,but average and marginal productivity are thought to move closely together.,Land and Capital,CapitalEquipment

46、 and structures used to produce goods and servicesEquilibriumPurchase price Price a person pays to own that factor of production indefinitelyRental pricePrice a person pays to use that factor for a limited period of time,26,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or dupli

47、cated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Equilibrium:Land and Capital,WageRental price of laborRental price of land&capitalDetermined by supply and demandDemand der

48、ived demandReflects marginal productivity of the factorEach factors rental priceValue of marginal product for the factor,27,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain produc

49、t or service or otherwise on a password-protected website for classroom use.,Figure 7,28,2015 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a pass

50、word-protected website for classroom use.,The Markets for Land and Capital,Supply and demand determine the compensation paid to the owners of land,as shown in panel(a),and the compensation paid to the owners of capital,as shown in panel(b).The demand for each factor,in turn,depends on the value of t