Principles of Microeconomics 6e by N. Gregory Mankiw-SM Chapter 18

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1、Chapter18/TheMarketsfortheFactorsofProduction❖339188THEMARKETSFORTHEFACTORSOFPRODUCTIONroductionWHAT’SNEWINTHESIXTHEDITION:Therearenomajorchangestothischapter.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øthelabordemandofcompetitive,profit-maximizingfirms.Øthehousehol

2、ddecisionsthatliebehindlaborsupply.Øwhyequilibriumwagesequalthevalueofthemarginalproductoflabor.Øhowtheotherfactorsofproduction—landandcapital—arecompensated.Øhowachangeinthesupplyofonefactoralterstheearningsofallofthefactors.CONTEXTANDPURPOSE:Chapter18isthefirstchapterinathree-chapterseq

3、uencethataddressestheeconomicsoflabormarkets.Chapter18developsandanalyzesthemarketsforthefactorsofproduction—labor,land,andcapital.Chapter19buildsonChapter18andexplainsinmoredetailwhysomeworkersearnmorethanothersdo.Chapter20addressesthedistributionofincomeandtherolethegovernmentcanplayina

4、lteringthedistributionofincome.ThepurposeofChapter18istoprovidethebasictheoryfortheanalysisoffactormarkets—themarketsforlabor,land,andcapital.Asyoumightexpect,wefindthatthewagesearnedbythefactorsofproductiondependonthesupplyanddemandforthefactor.Whatisnewintheanalysisisthatthedemandforafa

5、ctorisaderiveddemand.Thatis,afirm’sdemandforafactorisdeterminedbyitsdecisiontosupplyagoodinanothermarket.KEYPOINTS:·Theeconomy’sincomeisdistributedinthemarketsforthefactorsofproduction.Thethreemostimportantfactorsofproductionarelabor,land,andcapital.©2012CengageLearning.AllRightsReserved.

6、Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter18/TheMarketsfortheFactorsofProduction❖339·Thedemandforfactors,suchaslabor,isaderiveddemandthatcomesfromfirmsthatusethefactorstoproducegoodsandservices.Competitive,profit-maximizingfirmshireeach

7、factoruptothepointatwhichthevalueofthemarginalproductofthefactorequalsitsprice.·Thesupplyoflaborarisesfromindividuals’trade-offsbetweenworkandleisure.Anupward-slopinglaborsupplycurvemeansthatpeoplerespondtoanincreaseinthewagebyworkingmorehoursandenjoyinglessleisure.