https://padlet.com/jxu1888/16c1jbch18pm Made with the best of intentions en-us 2018-12-04 03:16:18 UTC 2024-11-02 21:23:27 UTC hello@padlet.com jxu1888 https://padlet.com/jxu1888/16c1jbch18pm/wish/352263266 MRP:extra output value for worker
follows law of diminishing returns
Factors that shift:price of goods, supply of othet factors, and tech
MRP=MRC**
Derived demand: demand for factors is derived from its product
Factors of production: land labor entrepenuership capital
Rental rates: Marginal product of acre equals rebtal rate
Imperfect labor market: firms use marginal factor cost to determine cost of hiring
Monopsonist:single buyer, wage maker, low waged, low workers
MRPL=MFCL
Shifts: preference in social norms, population, wealth
Time allocation: how to spend your money, affects labor supply curve
Efficieny wages: pay more in hopes of increasing productivity, causing disparity and discrimination
Least cost minimizing rule:MPL/wage=MPK/rental rate
-Firms want most marginal product from each hired unit
Labor is compensated in wages

]]> 2019-04-17 12:31:52 UTC https://padlet.com/jxu1888/16c1jbch18pm/wish/352263266 jxu1888 https://padlet.com/jxu1888/16c1jbch18pm/wish/352267018 2019-04-17 12:43:57 UTC https://padlet.com/jxu1888/16c1jbch18pm/wish/352267018 jxu1888 https://padlet.com/jxu1888/16c1jbch18pm/wish/352267025 2019-04-17 12:43:59 UTC https://padlet.com/jxu1888/16c1jbch18pm/wish/352267025 jxu1888 https://padlet.com/jxu1888/16c1jbch18pm/wish/352267714 2019-04-17 12:46:13 UTC https://padlet.com/jxu1888/16c1jbch18pm/wish/352267714 jxu1888 https://padlet.com/jxu1888/16c1jbch18pm/wish/352267728 2019-04-17 12:46:17 UTC https://padlet.com/jxu1888/16c1jbch18pm/wish/352267728