Ebook Microeconomics principles, problems, and policies (21th editon): Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook Microeconomics principles, problems, and policies (21th editon): Part 2
Ebook Microeconomics principles, problems, and policies (21th editon): Part 2
khothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2 Interest, and ProfitCHAPTER 19 Natural Resource and Energy EconomicsCHAPTER 20 Public Finance: Expenditures and Taxeshttps://khothuvien.cori!CHA. ................www.downloadslide.comSignificance of Resource PricingL016.1 Explain the significance of resource pricing.Studying resource pricing is imp Ebook Microeconomics principles, problems, and policies (21th editon): Part 2ortant for several reasons:•Money-income determination Resource prices are a major factor in determining the income of households. The expenditures thEbook Microeconomics principles, problems, and policies (21th editon): Part 2
at firms make in acquiring economic resources flow as wage. rent, interest, and profit incomes to the households that supply those resources.•Cost minkhothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2 efficient (least costly) combination of resources. 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 (see Table 2.1).•Resource allocation Just as product prices allocate finis Ebook Microeconomics principles, problems, and policies (21th editon): Part 2hed goods and services to consumers, resource prices allocate resources among industries and firms. In a dynamic economy, where technology and productEbook Microeconomics principles, problems, and policies (21th editon): Part 2
demand often change, the efficient allocation of resources over time calls for the continuing shift of resources from one use to another. Resource prkhothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2rnment redistribute income through taxes and transfers? Should government do anything to discourage “excess” payto corporate executives? Should it increase the legal minimum wage? Is the provision of subsidies to farmers efficient? Should government encourage or restrict labor unions? 'ITic facts an Ebook Microeconomics principles, problems, and policies (21th editon): Part 2d debates relating to these policy questions arc grounded on resource pricing.Marginal Productivity Theory of Resource DemandL016.2 Convey how the marEbook Microeconomics principles, problems, and policies (21th editon): Part 2
ginal revenue productivity of a resource relates to a firm’s demand for that resource.In discussing resource demand, we will first assume that a firm khothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2hings simple and is consis tent with the model of a competitive labor market that we will develop in Chapter 17. 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. The firm is selling such a negligible fracti Ebook Microeconomics principles, problems, and policies (21th editon): Part 2on of total output that its out put decisions exert no influence on product price. Similarly, the firm also is a “price taker” (or “wage taker") in thEbook Microeconomics principles, problems, and policies (21th editon): Part 2
e com-pctitivc resource market. It purchases such a negligible fraction of the total supply of the resource that its buying (or hiring) decisions do nkhothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2ce demand is a schedule or a curve showing the amounts of a resource dial buyers arc willing and able to purchase at various prices over some period of lime. Crucially, resource demand is a derived demand, meaning that the demand tor a resource is derived from the demand for the products llial the r Ebook Microeconomics principles, problems, and policies (21th editon): Part 2esource helps to produce. This is true because resources usually do not directly satisfy customer wants but do so indirectly through their use in prodEbook Microeconomics principles, problems, and policies (21th editon): Part 2
ucing goods and services. Almost nobody wants to consume an acre of land, a John Deere tractor, or the labor services of a fanner, but millions of houkhothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2ssemblers, and the demands for such services as income-tax preparation, haircuts, and child care create derived demands tor accountants, barbers, and child care workers.Marginal Revenue ProductBecause resource demand IS derived from product demand, the strength of the demand for any resource will de Ebook Microeconomics principles, problems, and policies (21th editon): Part 2pend on:•The productivity of the resource in helping to create a good or service.•The market value or price of the good or service it helps produce.OlEbook Microeconomics principles, problems, and policies (21th editon): Part 2
lier things equal, a resource that is highly productive in turning out a highly valued commodity will be in great demand. On the other hand, a relativkhothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2 for a resource llial is phenomenally efficient in producing something that no one wants to buy.Productivity Table 16.1 shows the roles of resource productivity and product price in determining resource demand. Here wc assume that a firm adds a single variable resource, labor, to its fixed plant. Co Ebook Microeconomics principles, problems, and policies (21th editon): Part 2lumns I and 2 give the number of units of the resource applied to production and the resulting total product (output). Column 3 provides the marginalEbook Microeconomics principles, problems, and policies (21th editon): Part 2
product (MF), or additional output, resulting from using each additional unit of labor. Columns 1 through 3 remind us that the law of diminishing retukhothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, Ebook Microeconomics principles, problems, and policies (21th editon): Part 2 these declines in marginal product—begin with the first worker hired.www.downloadslide.com314 PART AVE Microeconomics of Resource Markets and GovernmentTABLE 16.1 The Demand for Labor: Pure Competition in the Sale of the Prodoct-1-2-3-4-5-6Unit* ofTotal ProductMarginalProductTotal Revenue,Marginal Ebook Microeconomics principles, problems, and policies (21th editon): Part 2RevenueResource(Output)Product (MP)Price(2) X (4)Product (MRP)2khothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent, khothu .comPart FIVEMicroeconomics of Resource Markets and GovernmentCHAPTER 16 The Demand for ResourcesCHAPTER 17 Wage DeterminationCHAPTER 18 Rent,Gọi ngay
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