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About Chapter 18: The Markets For The Factors of Production Lecture Notes Learning Objectives
This document provides an overview of labor markets and how equilibrium wage is determined. It discusses: 1) Labor demand is derived from a firm's production decision and depends on the marginal product of labor. A firm hires workers until the value of the marginal product equals the wage. 2) Labor supply depends on the wage, as higher wages increase the opportunity cost of leisure. Labor supply is generally modeled as upward sloping. 3) Equilibrium in the labor market occurs where labor demand equals supply. The equilibrium wage equalizes the value of the marginal product and the wage, balancing the forces of demand and supply.
Detailed Information
| Author: | ['Guru Deep'] |
|---|---|
| Publication Year: | 2022 |
| Pages: | 9 |
| Language: | English |
| Format: | |
| Price: | FREE |
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