Chapter 12 & 13 by Samuel Alcaraz-155003534 https://padlet.com/155003534/pm9pdd4anbwz Made with good vibes en-us 2017-11-30 16:19:03 UTC 2025-11-21 15:44:50 UTC hello@padlet.com Derived Demand 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/211930758 The demand for a resource is derived from the demand for the products that the resource helps to produce ]]> 2017-11-30 16:21:09 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211930758 Marginal Revenue Product 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/211931411 The productivity of the resource in helping to create a good or service. And the market value or the price of the good or service it helps produce ]]> 2017-11-30 16:22:15 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211931411 Significance of Resource Pricing 149003351 https://padlet.com/155003534/pm9pdd4anbwz/wish/211931437 -Money-income determination
-Cost minimization
-Resource Allocation
-Policy Issues]]> 2017-11-30 16:22:17 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211931437 Marginal Resource Cost (MRC) 149003351 https://padlet.com/155003534/pm9pdd4anbwz/wish/211932386 The amount that each additional unit of a resource adds to the firm's total cost.]]> 2017-11-30 16:23:47 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211932386 Determinants of Resource Demand 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/211932489 -Changes in Product demand
-Changes in Productivity 
-Changes in the price of other resources ]]> 2017-11-30 16:23:55 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211932489 profit maximizing rule 143000449 https://padlet.com/155003534/pm9pdd4anbwz/wish/211933250 MRP(L)=P(L), MRP(C)=P(P), MRP(L)/P(L)=MRP(C)/P(C)=1]]> 2017-11-30 16:25:08 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211933250 Elasticity of Resource Demand 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/211933654 When Elasticity is greater than 1, resource demand is elastic. When elasticity is less than 1, resource demand is inelastic ]]> 2017-11-30 16:25:45 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211933654 Least-Cost Rule 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/211934378 Used when a firm wants to produce a specific amount of output.
MPl/Pl=MPc/Pc]]> 2017-11-30 16:26:56 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/211934378 Principal-Agent Problem 145003500 https://padlet.com/155003534/pm9pdd4anbwz/wish/213765341 Employers want employees to work but employees don't. 
Could be fixed through:
Piece Rates
Commission/royalties
Bonuses, Stock, Profit Sharing
Efficiency Wages]]> 2017-12-06 16:05:17 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213765341 Nominal Wage 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213765422 The amount of money received per hour, day or year ]]> 2017-12-06 16:05:27 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213765422 Real Wage 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213765876 quantity of goods and services can obtain with nominal wages]]> 2017-12-06 16:06:14 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213765876 Purely Comp. Labor Market 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213766347 -Numerous firms competing to hire a specific type of labor 
-Qualified workers have identical skills 
-Firms and workers are wage takers]]> 2017-12-06 16:07:03 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213766347 Problems with Incentive Pay Plans 145003500 https://padlet.com/155003534/pm9pdd4anbwz/wish/213766580 Piece Rates: Quality decreases while quantity increases
Commissions: Employees could not make enough of a wage.
Bonuses/Profit Sharing: May not be enough profit for them +freeloaders
Stock: Stock price could decrease.
Efficiency Wages: Shirking.

]]> 2017-12-06 16:07:23 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213766580 Monopsony 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213767769 -Only a single buyer in a particular type of labor
-Workers have few employment options 
-Firm is a wage maker, wage directly varies with the number of workers employed ]]> 2017-12-06 16:08:53 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213767769 Wage Differentials 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213769897 Hourly wage rates and annual salaries differ among occupations]]> 2017-12-06 16:12:01 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213769897 Noncompeting Groups 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213770982 Labor force is made up of noncompeting workers that represent several occupations the members qualifies for.]]> 2017-12-06 16:13:35 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213770982 Human Capital 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213772035 The personal stock of knowledge, know-how, and skills that enable a person to be productive and earn income ]]> 2017-12-06 16:15:05 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213772035 Compensating Differences 155003534 https://padlet.com/155003534/pm9pdd4anbwz/wish/213772689 Wages that must be paid to compensate for non monetary differences in various jobs ]]> 2017-12-06 16:16:00 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/213772689 Inclusive Unionism 149003351 https://padlet.com/155003534/pm9pdd4anbwz/wish/214172479 Unions that demand higher, above equilibrium wage rate. If companies do not meet these standards, employees will go on strike creating no supply of labor.]]> 2017-12-07 15:46:35 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/214172479 Bilateral Monopoly Model 149003351 https://padlet.com/155003534/pm9pdd4anbwz/wish/214175009 Combination of inclusive unionism and monopsony model. In its pure form, there is 1 seller and 1 buyer.]]> 2017-12-07 15:50:37 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/214175009 Incentive Pay Plan 149003351 https://padlet.com/155003534/pm9pdd4anbwz/wish/214177014 Ties worker compensation more closely to worker output/performance.]]> 2017-12-07 15:53:40 UTC https://padlet.com/155003534/pm9pdd4anbwz/wish/214177014