平狄克微觀經(jīng)濟(jì)學(xué)marketsforfactorinputs-閱讀頁(yè)
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【正文】 ies in private sector are much higher 169。2020 Pearson Education, Inc. Chapter 14 58 Pay in the Military ?Solution ?Selective reenlistment bonuses targeted at skilled jobs where there are shortages ?With increases in demand for skilled military jobs, we should expect the military to increase reenlistment bonuses and other market based incentives 169。2020 Pearson Education, Inc. Chapter 14 60 Factor Markets with Monopsony Power ?Marginal and Average Expenditure ?When choosing to purchase a good, increase amount purchased until the marginal value equals marginal expenditure ?Price paid for good is average expenditure and is equal to marginal expenditure 169。2020 Pearson Education, Inc. 62 SL = Average Expenditure (AE) Marginal Expenditure (ME) D = MRPL Marginal and Average Expenditure Units of Input Price (per unit of input) 0 1 2 3 4 6 5 5 10 15 20 w* = 13 L* wc Lc C ?Hires where ME = MRP ?LC is petitive market level 169。2020 Pearson Education, Inc. Chapter 14 64 Monopsony Power in the Market for Baseball Players ?Baseball owners operate a monopsonistic cartel ?Reserve clause prevented petition for players ?Each player tied to one team for life ?Once drafted, could not play for another team unless rights were sold ?Baseball owners had monopsony power in negotiating new contracts 169。2020 Pearson Education, Inc. Chapter 14 66 Monopsony Power in the Market for Baseball Players ? In 1975, players could bee free agents after playing for a team for six years ? Reserve clause no longer in effect ? Market became more petitive ? From 1975 to 1980, expenditures on player’s contracts went from 25% of team expenditures to 40% ? Average player salary doubled in real terms 169。2020 Pearson Education, Inc. Chapter 14 68 SL DL MR ?Demand with no monopsony power. ?Supply of union labor w/ no monopoly power. ?Labor market petitive with L* workers hired at wage w* ?Demand equals Supply Monopoly Power of Sellers of Labor Number of Workers Wage per worker A L* w* 169。2020 Pearson Education, Inc. Chapter 14 70 SL DL MR ?Labor market petitive with L* workers hired at wage w* ?Labor sellers with monopoly power at L1 and w1 Monopoly Power of Sellers of Labor Number of Workers Wage per worker A L* w* L1 w1 169。2020 Pearson Education, Inc. Chapter 14 72 Monopoly Power of Sellers of Labor ?Cost is the marginal opportunity cost since it is a measure of what an employer has to offer an additional worker to get him or her to work for the firm ?But, the wage necessary to encourage additional workers to take jobs is given by supply curve for labor, SL 169。2020 Pearson Education, Inc. Chapter 14 74 Economic Rent SL DL MR Monopoly Power of Sellers of Labor Number of Workers Wage per worker L2 w2 Maximizing rents to workers means choosing labor where MR crosses S. Wage es from demand. A L* w* w1 L1 169。2020 Pearson Education, Inc. Chapter 14 76 Unionized and NonUnionized Workers ?When union uses monopoly power, some workers are not hired. Those workers either try to find nonunion jobs or choose initially not to join union. ?Assume the total supply of workers is fixed – supply is SL ?Demand for unionized labor is DU and demand for nonunionized labor is DNU ?Total market demand is DU + DNU = DL 169。2020 Pearson Education, Inc. 78 Wage Discrimination in Labor Market Number of Workers Wage per worker DU DNU DL SL w* wU When a monopolistic union raises the wage rate in the unionized sector of the economy from w* to wU, employment in that sector falls. For the total supply of labor to remain unchanged, the wage in the nonunionized sector must fall from w* to wNU wNU UL? MUL?169。2020 Pearson Education, Inc. Chapter 14 80 The Decline of Private Sector Unionism ?Observations ?In the 1980’s, union wages stabilized relative to nonunion wages ?Since the 1990’s, membership has been falling and wage differential has remained stable 169。2020 Pearson Education, Inc. Chapter 14 82 Wage Inequality – Have Computers Changed the Labor Market? ?19501980 ?Relative wage of college graduates to high school graduates hardly changed ?19801995 ?The relative wage grew rapidly 169。2020 Pearson Education, Inc. Chapter 14 84 Wage Inequality – Have Computers Changed the Labor Market? ?Percent change in use of puters ?College degrees ? 19841993: from 42% to 82% ?Less than high school degree ? 11%: from 5% to 16% ?With high school degree ? 21%: from 19% to 40% 169。2020 Pearson Education, Inc. Chapter 14 86 Wage Inequality – Have Computers Changed the Labor Market? ?Is this increase in the relative wages of skilled workers bad? ?Although growing inequality can disadvantage lowwage workers, it can also motivate workers ? Opportunities for upward mobility through highwage jobs have never been better 169。2020 Pearson Education, Inc. Chapter 14 89 Topics to be Discussed ?Stocks Versus Flows ?Present Discounted Value ?The Value of a Bond ?The Net Present Value Criterion for Capital Investment Decisions ?Adjustments for Risk 169。2020 Pearson Education, Inc. Chapter 14 91 Introduction ?Markets for factors and output give a reasonably plete picture ?Capital markets are different ?Capital is durable ?It is an input that will contribute to output over a long period of time ?Must pare the future value to current expenditures 169。2020 Pearson Education, Inc. Chapter 14 93 Stocks Versus Flows ?Profit is also a flow number ?Must know what the capital stock will allow the firm to earn a flow of profit ?Was the investment a sound decision? ?Must be able to value today the expected profit flow over time ?What is the flow of profit worth today? 1
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