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1、135Acemoglu,Laibson,andList
2、MicroeconomicsChapter11MarketsforFactorsofProductionQuestions1.Howdofirmsestimatethedemandforlabor?Answer:Thevalueofthemarginalproductoflabor(VMPL)isthedemandforlaborforacompetitivefirm.Themarginalproductoflaboristheadditionaloutputthatisproduced
3、byemployinganadditionalworker.Accordingtothelawofdiminishingreturns,themarginalproductivityofanadditionalunitoflabordecreasesasthequantityoflaborisincreased.Thevalueofthemarginalproductoflaborequalsthemarginalproductoflabortimesthepriceofoutput.Thelabordemandcurveisdownward
4、slopingduetothelawofdiminishingreturns.2.Howdoesthelabor-leisuretrade-offdeterminethesupplyoflabor?Answer:Non-workactivitiesarelabeled“leisure.”Timethatisnotspentonleisurewillbespentonwork.So,thepriceofleisure,intermsofitsopportunitycost,isthelostwagesfromnotworking.Individ
5、ualswouldconsumeleisureuptothepointwherethemarginalbenefitfromleisureequalsthemarginalcost,wherethemarginalcostisthewagerate.3.Inacompetitivelabormarket,whatistheprofit-maximizingnumberofworkersthatafirmwillhire?Answer:Incompetitivemarkets,firmswillhirelaboruptothepointwher
6、ethevalueofthemarginalproductoflaborisequaltothemarketwage.Thevalueofthemarginalproductoflaboristhecontributionoflabortothefirm’srevenues,whilethewageisthecostoflabor.So,firmswillhireuptothepointwheretheadditionalrevenueisequaltotheadditionalcostofhiringonemoreworker.4.Wesh
7、owedabovethataprofit-maximizingfirmwillhirethenumberofworkerssuchthatthewageisequaltothevalueofthemarginalproductoflabor.But,asthetextshowedinanearlierchapter,aprofit-maximizingfirmwillproducethequantityofoutputsuchthatpriceequalsmarginalcost.Arethesetworulesinconsistent?An
8、swer:No.Toseethisletp=priceofoutput,MPL=marginalproductoflabor,w=wagerate,VMPL=valueofthemarginalproductoflabor,andMC=marginalcost.Toseethatthereisnoinconsistency,notethefollowing:i.Firmsmaximizeprofitsbyproducingthelevelofoutputsuchthatpriceequalsmarginalcostandthereforep=
9、MC.ii.Firmsmaximizeprofitsbyhiringthenumberofworkerssuchthewagerateequalsthevalueo
