Tham khảo tài liệu 'bài tập về kinh tế vĩ mô bằng tiếng anh - chương 14', kinh tế - quản lý, kinh tế học phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter 14 Markets for Factor Inputs CHAPTER 14 MARKETS FOR FACTOR INPUTS EXERCISES 1. Suppose that the wage rate is 16 per hour and the price of the product is 2. Values for output and labor are in units per hour. fl_L 0 0 20 1 35 2 47 3 57 4 65 5 70 6 232 Chapter 14 Markets for Factor Inputs a. Find the profit-maximizing quantity of labor. From the information given above calculate the marginal product of labor the extra output produced by hiring one more unit of labor and then multiply by price to get the marginal revenue product of labor. To find the profit-maximizing quantity of labor use the rule that the firm wants to hire labor only as long as the marginal revenue product of labor is greater than the nominal wage or up to the point where the marginal revenue product of labor is equal to the nominal wage. From the table below the firm will hire 5 units of labor. q L MPl MRPl 0 0 - - 20 1 20 40 35 2 15 30 47 3 12 24 57 4 10 20 65 5 8 16 70 6 5 10 233 Chapter 14 Markets for Factor Inputs b. Suppose that the price of the product remains at 2 but that the wage rate increases to 21. Find the new profit-maximizing quantity of labor. The above table does not change for this part of the problem. However the firm no longer wants to hire 5 units of labor because the benefit of the 5th unit 16 per hour is less than the cost of the 5th unit 21 per hour . The firm would only hire 3 units of labor per hour since in this case the benefit still exceeds the cost at the margin. The firm would stick with 3 units instead of 4 unless fractional units are possible. At L 4 the cost is greater than the benefit so you lose profit by hiring the 4th unit of labor. c. Suppose the price of the product increases to 3 and the wage remains at 16 per hour. Find the new profit-maximizing quantity of labor. A change in the price of the product will not change the marginal product of labor but it will change the marginal revenue product of labor. The new marginal revenue product of labor is
