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Lecture Microeconomics: Theory and applications (12th edition): Chapter 16 - Browning, Zupan

Chapter 16 - Employment and pricing of inputs. In this chapter students will be able to: Explore the factors influencing the demand for an input by an individual competitive form, derive the market demand curve for an input by aggregating the demand curves of the various firms interested in hiring the input, investigate the general shape of an input supply curve,. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 16: Employment and Pricing of Inputs Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Explore the factors influencing the demand for an input by an individual competitive form. Derive the market demand curve for an input by aggregating the demand curves of the various firms interested in hiring the input. Investigate the general shape of an input supply curve. Explain how the price and employment of inputs is determined in an industry. (continued) Learning Objectives (continued) Show how an input's price and employment level is determined in a multi-industry market. Examine input demand and employment by an output market monopoly. Define what is meant by monopsony in input markets. Explain the mathematics behind input demand by competitive and monopoly firms. 16.1 THE INPUT DEMAND CURVE OF A COMPETITIVE FIRM Explore the . | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 16: Employment and Pricing of Inputs Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Explore the factors influencing the demand for an input by an individual competitive form. Derive the market demand curve for an input by aggregating the demand curves of the various firms interested in hiring the input. Investigate the general shape of an input supply curve. Explain how the price and employment of inputs is determined in an industry. (continued) Learning Objectives (continued) Show how an input's price and employment level is determined in a multi-industry market. Examine input demand and employment by an output market monopoly. Define what is meant by monopsony in input markets. Explain the mathematics behind input demand by competitive and monopoly firms. 16.1 THE INPUT DEMAND CURVE OF A COMPETITIVE FIRM Explore the factors influencing the demand for an input by an individual competitive form. The Input Demand Curve of a Competitive Firm Change of focus from product markets to input markets Material in this chapter considers: Demand for inputs by competitive firms Supply of inputs Market analysis between demand and supply of input under competitive conditions Market analysis under noncompetitive conditions The Firm’s Demand Curve: One Variable Input Marginal value product (MVP) – the extra revenue a competitive firm receives by selling the additional output generated when employment of an input is increased by one unit MVP curve = firm’s demand curve for a given input when all other inputs are fixed (continued) The Firm’s Demand Curve: One Variable Input (continued) Assumption: The firm is a profit maximizer in a competitive market. Conclusions: The marginal value product curve identifies the most profitable employment level for the input at each alternative cost. The marginal value product