Ebook Microeconomics principles, problems, and policies (19th edition): Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook Microeconomics principles, problems, and policies (19th edition): Part 2
Ebook Microeconomics principles, problems, and policies (19th edition): Part 2
https://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2Explain how entrepreneurs and other innovators further technological advance.3Summarize how a firm determines its optimal amount of research and development (R&D).4Relate why firms can benefit from their innovation even though rivals have an incentive to imitate it.5Discuss the role of market struct Ebook Microeconomics principles, problems, and policies (19th edition): Part 2ure in promoting technological advance.6Show how technological advance enhances productive efficiency and allocative efficiency.Technology, R&D, and EEbook Microeconomics principles, problems, and policies (19th edition): Part 2
fficiencyWebQ^apter II IS a bonus chapter found at the book s Web Site.www.mcconnclll9c.com. It extends the analysis of Part 3, "Microeconomics of Prohttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2ign all or part of this chapter.24612AFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Explain the significance of resource pricing.2Convey bow the marginal revenue productivity of a resource relates to a firm's demand for that resource.3List the factors that increase or decrease resource demand.4D Ebook Microeconomics principles, problems, and policies (19th edition): Part 2iscuss the determinants of elasticity of resource demand.5Determine how a competitive firm selects its optimal combination of resources.The Demand forEbook Microeconomics principles, problems, and policies (19th edition): Part 2
ResourcesWhen you finish your education, you probably will be looking for a new job. But why would someone want to hire you? The answer, of course, ihttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2 other resources. So, we now turn from the pricing and production of goods and services to die pricing and employment of resources. Although firms come in various sizes and operate under highly different market conditions, each lias a demand for productive resources. Firms obtain needed resources fr Ebook Microeconomics principles, problems, and policies (19th edition): Part 2om households—the direct or indirect owners of land, labor, capital, and entrepreneurial resources. So. referring to the circular flow model (Figure 2Ebook Microeconomics principles, problems, and policies (19th edition): Part 2
.2. page 40), we shift our attention from the bottom loop of the diagram (where businesses supply products diat households demand) to the top loop (whhttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2n terms of labor, the principles developed also apply to land, capital, and entrepreneurial ability. In248Chapter 13 we will combine resource (labor) demand with labor supply to analyze wage rates. In Chapter 14 we will use resource demand and resource supply to examine the prices of. and returns to Ebook Microeconomics principles, problems, and policies (19th edition): Part 2. other productive resources. Issues relating to the use of natural resources are the subject of Chapter 15.Significance of Resource PricingStudying rEbook Microeconomics principles, problems, and policies (19th edition): Part 2
esource pricing is important tor several reasons:•Money-income determination Resource prices are a major factor in determining die income of householdhttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2e resources.•Cort minimization 1Ó die firm, resource prices are costs. And to obtain the greatest profit, die firm must produce die profitmaximizing output with the most efficient (least costly) combination of resources. Re source prices play the main role in determining the quantities of land, labo Ebook Microeconomics principles, problems, and policies (19th edition): Part 2r, capital, and entrepreneurial ability that will be combined in producing each good or service (see Table 2.1, p. 36).•Resource allocation Just as prEbook Microeconomics principles, problems, and policies (19th edition): Part 2
oduct prices allocate finished goods and services to consumers, resource prices allocate resources among industries and firms. In a dynamic economy, whttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2use to another. Resource pricing is a major factor in producing those shifts.•Policy issues Many policy issues surround the resource market. Examples: 'lb what extent should government redistribute income through taxes and transfers? should government do anything to discourage “excess” pay to corpor Ebook Microeconomics principles, problems, and policies (19th edition): Part 2ate executives? Should it increase the legal minimum wage? Is the provision of subsidies to fanners efficient? should government encourage or restrictEbook Microeconomics principles, problems, and policies (19th edition): Part 2
labor unions? rhe facts and debates relating IO these policy questions arc grounded on resource pricing.Marginal Productivity Theory of Resource Demahttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2e in a purely competitive resource market. This assumption keeps tilings simple and is consistent with the model of a competitive labor market that we will develop in Chapter 13. hl a competitive product market. the finn is a “price taker” and can dispose of as little or as much output as it chooses Ebook Microeconomics principles, problems, and policies (19th edition): Part 2 at the market price. The firm isselling such a negligible fraction of total output tliat its out put decisions exert no influence on product price. SEbook Microeconomics principles, problems, and policies (19th edition): Part 2
imilarly, the firm also is a “price taker" (or “wage taker”) in the com pctitivc resource market. It purchases such a negligible fraction of the totalhttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2s die starting point for any discussion of resource prices. Resource demand is a schedule or a curve showing the amounts of a resource that buyers are willing and able to purchase at various prices over some period of time. Crucially, resource demand is a derived demand, meaning that the demand for Ebook Microeconomics principles, problems, and policies (19th edition): Part 2a resource is derived from the demand for the products that the resource helps to produce. This is true because resources usually do not directly satiEbook Microeconomics principles, problems, and policies (19th edition): Part 2
sfy- customer wants but do so indirectly through their use in producing goods and services. Almost nobody wants to consume an acre of land, a John Deehttps://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2E Ebook Microeconomics principles, problems, and policies (19th edition): Part 2duce. Similarly, the demand for airplanes generates a demand for assemblers, and the demands for such services as income-tax preparation, haircuts, and child care create derived demands for accountants, barbers, and child care workers.Marginal Revenue Product Ebook Microeconomics principles, problems, and policies (19th edition): Part 2https://khothuvienAFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO:1Differentiate between an invention, an innovation, and technological diffusion.2EGọi ngay
Chat zalo
Facebook