Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2
Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2
CHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy Econ Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2nomicsPublic Finance: Expenditures and TaxesMICROECONOMICS OF RESOURCE MARKETS AND GOVERNMENTwww.downloadslide.nethttps://khothuvien.cori!Significance of Resource PricingLO14.1 Explain the significance of resource pricing. Studying resource pricing is important for several reasons;•Money-income dete Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2rmination Resource prices are a major factor in determining the income of households. The expenditures that linns make in acquiring economic resourcesEbook Microeconomics - Principles, problems, and policies (20/E): Part 2
flow as wage, rent, interest, and profit incomes to the households that supply those resources.•Cost minimization To the firm, resource prices arc coCHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy Econ Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2rces. Resource prices play the main role in determining the quantities of land, labor, capital, and entrepreneurial ability that will be combined in producing each good or service (sec Table 2.1, p. 39).•Resource allocation Just as product prices allocate finished goods and services to consumers, re Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2source prices allocate resources among industries and firms. In a dynamic economy, where technology and product demand often change, the efficient allEbook Microeconomics - Principles, problems, and policies (20/E): Part 2
ocation of resources over time calls for die continuing shift of resources from one use IO another. Resource pricing is a major factor in producing thCHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy Econ Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2s and transfers? should government do anything to discourage “excess" payIO corporate executives? Should it increase the legal minimum w age? Is die provision of subsidies to fanners efficient? Should government encourage or restrict labor unions? The facts and debates relating to these policy quest Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2ions are grounded on resource pricing.Marginal Productivity Theory of Resource DemandLO14.2 Convey how the marginal revenue productivity of a resourceEbook Microeconomics - Principles, problems, and policies (20/E): Part 2
relates to a firm's demand for that resource.In discussing resource demand, we will first assume that a firm sells its output in a purely competitiveCHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy Econ Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2odel of a competitive labor market that we will develop in Chapter 15. In a competitive product market, the firm is a “price taker" and can dispose of as little or as much output as it chooses at the market price. TheCHAF!firm is selling such a negligible fraction of total output that its output dec Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2isions exert no influence on product price. Similarly, die firm also is a “price taker" (or “wage raker") in the competitive resource market. It purchEbook Microeconomics - Principles, problems, and policies (20/E): Part 2
ases such a negligible fraction of the total supply of the resource that its buying (or hiring) decisions do not influence die resource price.ResourceCHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy Econ Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2ng the amounts of a resource that buyers arc 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 a resource is derived from the demand for the products that the resource helps to produce. T his is true b Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2ecause resources usually do not directly satisfy customer wants but do so indirectly through their use in producing goods and services. Almost nobodyEbook Microeconomics - Principles, problems, and policies (20/E): Part 2
wants to consume an acre of land, a John Deere tractor, or the labor services of a fanner, but millions of households do want to consume the food and CHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy Econ Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2rvices as income-tax preparation, haircuts, and child care create derived demands for accountants, barbers, and child care workers.Marginal Revenue ProductBecause resource demand is derived from product demand, the strength of die demand for any resourc e will depend on:♦rhe productivity of die reso Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2urce in helping to create a good or service.♦rhe market value or price of die good or service it helps produce.Other things equal, a resource that isEbook Microeconomics - Principles, problems, and policies (20/E): Part 2
highly productive in turning out a highly valued commodity will be in great demand. On the other hand, a relatively unproductive resource that is capaCHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy Econ Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2 efficient in producing something that no one wants to buy.Productivity Table 14.1 shows the roles of resource productivity and product price in determining resource demand. Here we assume that a firm adds a single variable resource, labor, to its fixed plant. Columns 1 and 2 give the number of unit Ebook Microeconomics - Principles, problems, and policies (20/E): Part 2s of the resource applied to production and the resulting total product (output). Column 3 provides the marginal product (MP), or additional output, rEbook Microeconomics - Principles, problems, and policies (20/E): Part 2
esultingwww.downloadslide.net314 PART FIVE Microeconomics of Resource Markets and GovernmentTABLE 14.1 The Demand for labor: Pure* Competition In the CHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy EconCHAPTER 14CHAPTER 15CHAPTER 16CHAPTER 17CHAPTER 18The Demand for ResourcesWage DeterminationRent, Interest, and ProfitNatural Resource and Energy EconGọi ngay
Chat zalo
Facebook