Xem mẫu
12
The Demand for Resources
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
Resource Pricing
• Firms demand resources •Focus on labor
• Resource prices are important •Money-income determination •Cost minimization •Resource allocation
•Policy issues
LO1 12-2
Resource Demand
• All markets are competitive (good and resource)
• Derived demand depends on: •Productivity of resource (MP)
•Price of the good it helps produce (P) • Marginal revenue product (MRP)
•Change in TR resulting from unit change in resource (labor)
LO1 12-3
Resource Demand
•Rule for employing resources: • MRP = MRC
•Marginal Revenue Product (MRP)
Marginal Revenue =
Product
Change in Total Revenue
Unit Change in Resource Quantity
•Marginal Resource Cost (MRC)
Marginal
Resource = Cost
Change in Total (Resource) Cost
Unit Change in Resource Quantity
LO1 12-4
MRP as Resource Demand
(1) Units of
Resource
(2) Total Product
(Output)
(3) Marginal
Product (MP)
(4) Product Price
(5)
Total Revenue, (2) X (4)
(6) Marginal Revenue
Product (MRP)
0 0] 1 7] 2 13
3 18 4 22 5 25 6 27 7 28
$18
7 6 5 4 3 2 1
$2 $ 0 2 14 2 26 2 36 2 44 2 50 2 54 2 56
] $14 ] 12 ] 10 ] 8 ] 6 ] 4 ] 2
Purely Competitive Firm’s Demand for A Resource
16
14
12
10
8
6
4 D=MRP
2
0
-2 1 2 3 4 5 6 7 Quantity of Resource Demanded
LO1 12-5
...
- tailieumienphi.vn
nguon tai.lieu . vn