中級宏觀經(jīng)濟(jì)學(xué)ch3國民收入-展示頁
2025-01-16 22:22本頁面
【正文】 id to any factor of production depends on the supply and demand for that factor’s services. Because we have assumed that the supply is fixed, the supply curve is vertical. The demand curve is downward sloping. The intersection of supply and demand determines the equilibrium factor price. Factor price (Wage or rental rate) Quantity of factor Factor demand Factor supply Equilibrium factor price This vertical supply curve is a result of the supply being fixed. 第三章 國民收入 slide 14 To make a product, the firm needs two factors of production, capital and labor. Let’s represent the firm’s technology by the usual production function: Y = F (K, L) The firm sells its output at price P, hires workers at a wage W, and rents capital at a rate R. 第三章 國民收入 slide 15 The goal of the firm is to maximize profit. Profit is revenue minus cost. Revenue equals P Y. Costs include both labor and capital costs. Labor costs equal W L, the wage multiplied by the amount of labor L. Capital costs equal R K, the rental price of capital R times the amount of capital K. Profit = Revenue Labor Costs Capital Costs = PY WL RK Then, to see how profit depends on the factors of production, we use production function Y = F (K, L) to substitute for Y to obtain: Profit = P F (K, L) WL RK This equation shows that profit depends on P, W, R, L, and K. The petitive firm takes the product price and factor prices as given and chooses the amounts of labor and capital that maximize profit. 第三章 國民收入 slide 16 We know that the firm will hire labor and rent capital in the quantities that maximize profit. But what are those maximizing quantities? To answer this, we must consider the quantity of labor and then the quantity of capital. 第三章 國民收入 slide 17 The marginal product of labor (MPL) is the extra amount of output the firm gets from one extra unit of labor, holding the amount of capital fixed and is expressed using the production function: MPL = F(K, L + 1) F(K, L). Most production functions have the property of diminishing marginal product: holding the amount of capital fixed, the marginal product of labor decreases as the amount of labor increases. F (K, L) Y L 1 MPL 1 MPL The MPL is the change in output when the labor input is increased by 1 unit. As the amount of labor increases, the production function bees flatter, indicating diminishing marginal product. 第三章 國民收入 slide 18 When the petitive, profitmaximizing firm is deciding whether to hire an additional unit of labor, it considers how that decision would affect profits. It therefore pares the extra revenue from the increased production that results from the added labor to the extra cost of higher spending on wages. The increase in revenue from an additional unit of labor depends on two variables: the marginal product of labor, and the price of the output. Because an extra unit of labor produces MPL units of output and each unit of output
電大資料相關(guān)推薦
鄂ICP備17016276號-1