Bec doms ppt on pricing in resource markets

Pricing in Resource Markets ,[object Object],[object Object],[object Object]

Factor/Resource markets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

resources markets ,[object Object],[object Object]

resource demand ,[object Object],MR of resource > MC of resource

example: Wal Mart ,[object Object],[object Object],[object Object],[object Object],[object Object]

example: lawn service ,[object Object],[object Object],[object Object],[object Object],[object Object]

terms ,[object Object],[object Object],[object Object],[object Object]

rule for resource demand ,[object Object],[object Object],[object Object],[object Object]

resource supply ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Market for Resources ,[object Object],[object Object],[object Object]

[object Object],[object Object]

examples ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Shifts in demand for a resource ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

examples ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object]

example ,[object Object],[object Object],[object Object],[object Object]

example ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object]

example ,[object Object],[object Object]

note ,[object Object],[object Object],[object Object]

example ,[object Object],[object Object],[object Object]

resource prices ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Labor Market ,[object Object],[object Object],[object Object]

Labor Supply ,[object Object],[object Object],[object Object],[object Object],[object Object]

work and utility ,[object Object],[object Object],[object Object],[object Object]

implications ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],Effect of a wage increase

substitution effect ,[object Object],[object Object],[object Object],[object Object]

income effect ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object]

labor supply ,[object Object],[object Object],[object Object],[object Object]

subst. > inc. effect subst. < inc. effect wage Q labor S

Changes in market labor supply ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Labor demand ,[object Object],[object Object],[object Object],[object Object],[object Object]

example: car wash ,[object Object],[object Object],Q labor TP MP MRP 0 0 1 5 2 9 3 12 4 14 5 15 15 12 9 6 3 5 4 3 2 1

how much labor to hire ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

15 12 9 6 3 1 2 3 4 5 if wage = $9 hire 3 units labor wage Q labor LD

15 12 9 6 3 1 2 3 4 5 wage Q labor LD wage = $6, hire 4 wage = $12, hire 2

Earnings differences ,[object Object]

Human Capital ,[object Object],[object Object],[object Object],[object Object],[object Object]

ability/talent ,[object Object],[object Object]

Efficiency wage theory ,[object Object],[object Object],[object Object],[object Object],[object Object]

Non-wage job characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

geography ,[object Object],[object Object],[object Object],[object Object]

discrimination ,[object Object],[object Object],[object Object],[object Object],[object Object]

unionization ,[object Object],[object Object],[object Object],[object Object]

Bec doms ppt on pricing in resource markets

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