微觀經(jīng)濟學及財務知識分析規(guī)范(編輯修改稿)
2024-10-28 05:05 本頁面
【文章內(nèi)容簡介】 Kingdom States,Annual Rate of Growth of Labor Productivity (%),$54,507 $55,644 $46,048 $42,630 $60,915,Output per Employed Person (1997),35,Chapter 1,Trends in Productivity 1) U.S. productivity is growing at a slower rate than other countries. 2) Productivity growth in developed countries has been decreasing.,Production with One Variable Input (Labor),36,Chapter 1,Explanations for Productivity Growth Slowdown 1) Growth in the stock of capital is the primary determinant of the growth in productivity.,Production with One Variable Input (Labor),37,Chapter 1,Explanations for Productivity Growth Slowdown 2) Rate of capital accumulation in the U.S. was slower than other developed countries because the others were rebuilding after WWII.,Production with One Variable Input (Labor),38,Chapter 1,Explanations for Productivity Growth Slowdown 3) Depletion of natural resources 4) Environment regulations,Production with One Variable Input (Labor),39,Chapter 1,Observation U.S. productivity has increased in recent years What Do You Think? Is it a shortterm aberration or a new longrun trend?,Production with One Variable Input (Labor),40,Chapter 1,Production with Two Variable Inputs,There is a relationship between production and productivity. Longrun production Kamp。 L are variable. Isoquants analyze and compare the different combinations of K amp。 L and output,41,Chapter 1,The Shape of Isoquants,Labor per year,1,2,3,4,1,2,3,4,5,5,In the long run both labor and capital are variable and both experience diminishing returns.,Capital per year,42,Chapter 1,Reading the Isoquant Model 1) Assume capital is 3 and labor increases from 0 to 1 to 2 to 3. Notice output increases at a decreasing rate (55, 20, 15) illustrating diminishing returns from labor in the shortrun and longrun.,Production with Two Variable Inputs,Diminishing Marginal Rate of Substitution,43,Chapter 1,Reading the Isoquant Model 2) Assume labor is 3 and capital increases from 0 to 1 to 2 to 3. Output also increases at a decreasing rate (55, 20, 15) due to diminishing returns from capital.,Diminishing Marginal Rate of Substitution,Production with Two Variable Inputs,44,Chapter 1,Substituting Among Inputs Managers want to determine what combination if inputs to use. They must deal with the tradeoff between inputs.,Production with Two Variable Inputs,45,Chapter 1,Substituting Among Inputs The slope of each isoquant gives the tradeoff between two inputs while keeping output constant.,Production with Two Variable Inputs,46,Chapter 1,Substituting Among Inputs The marginal rate of technical substitution equals:,Production with Two Variable Inputs,47,Chapter 1,Marginal Rate of Technical Substitution,Labor per month,1,2,3,4,1,2,3,4,5,5,Capital per year,Isoquants are downward sloping and convex like indifference curves.,48,Chapter 1,Observations: 1) Increasing labor in one unit increments from 1 to 5 results in a decreasing MRTS from 1 to 1/2. 2) Diminishing MRTS occurs because of diminishing returns and implies isoquants are convex.,Production with Two Variable Inputs,49,Chapter 1,Observations: 3) MRTS and Marginal Productivity The change in output from a change in labor equals:,Production with Two Variable Inputs,50,Chapter 1,Observations: 3) MRTS and M
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