平狄克微观经济学第六版第十四章课后答案.doc

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1、CHAPTER14MARKETSFORFACTORINPUTSTEACHINGNOTESThefollowingtwochaptersexaminethemarketsforlaborandcapital.Althoughthediscussioninthischapterisgeneral,mostoftheexamplesrefertolaborastheonlyvariableinputtoproduction,withtheexceptionofExample14.1,whichdiscusses“TheDemandforJetFuel”byairlines

2、.Labordemandandsupplyarediscussedinthefirstsection,andthecompetitivefactormarketequilibriumandeconomicrentarediscussedinthesecondsection.Section14.3exploresthefactormarketstructureforthecasewherethebuyerhasmonopsonypower,andsection14.4exploresthecaseofmonopolypoweronthepartofthesellero

3、fthefactor.AnunderstandingofthischapterreliesonconceptsfromChapters4through8and10.IfyouhavejustcoveredChapters11-13,youmightbeginbyreviewingmarginalproduct,marginalrevenue,andcostminimization.Youshouldthendiscussmarginalrevenueproductandtheprofit-maximizingconditionMRPL=w.Explainwhywea

4、reonlyinterestedintheportionoftheMPcurvebelowtheaverageproductcurve(thedownward-slopingportion).Thederivationofthefirm’sdemandcurveforlaborisstraightforwardwhenlaboristheonlyfactor,butbecomesmorecomplicatedwhenthereareseveralvariableinputs.Inparticular,youmightexplainwhytheMRPLcurveshi

5、ftsasthefirmsubstitutesoneinputforanotherinproductioninresponsetoapricechangebynotingthattheMRPLcurveisdrawnforafixedleveloftheothervariableinput.Whenpresentingthemarketlabordemandcurve,explainthatsincetheinputpriceschangeasmoreinputsaredemanded,themarketdemandcurveisnotsimplythesummat

6、ionofindividualdemandcurves.Youcanextendthepresentationofpriceelasticityofinputdemand(seeExample14.1)bydiscussingtheconditionsleadingtopricesensitivity.Elasticityisgreater(1)whentheelasticityofdemandfortheproductishigher,(2)whenitiseasytosubstituteoneinputforanother,and(3)whentheelasti

7、cityofsupplyishigherforotherinputs.Elasticityofsupply,whichwasdiscussedinChapter2,isreintroducedinExample14.2.Youshouldalsodistinguishbetweenshort-runandlong-runelasticity(seeFigure14.6).Ifyouhavealreadycoveredsubstitutionandincomeeffects,thestudentswillbereadyforthederivationoftheba