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microeconomics chapter 16
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derived demand
demand for a factor of production that is derived from the good the factor
produces
Marginal Revenue Product of Labor
P x MP
profit maximizing quantity of labor
wage < MR
shift factors for labor DEMAND
increase in human captial (training)
changes in technology
price change in the product
quantity change of other inputs
number of firms change
increase in human captial (training)
shifts right
changes in technology
shift right
price change in the product
shifts left
quantity change of other input
shifts to right
number of firms change
shifts left
why individual supply curve of labor is backward bending
substitution effect is dominant at the bottom and the income effect is dominant at the top
shift factors for labor SUPPLY curve
increases in population R
changing demographics R/L
changing alternatives L
equilibrium wage
where labor demand equals labor supply
differences in wages?
more productive= more money... how much can you sell your specialty for?
equilibrium prices in natural resources market
where supply equals demand
economic rent
between supply and equilibrium price
Author
Anonymous
ID
18576
Card Set
microeconomics chapter 16
Description
factors of production
Updated
2010-05-10T04:23:37Z
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