POLICY FOR Full EMPLOYMENT

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POLICY FOR Full EMPLOYMENT To create I state of full employment is nut an easy job. No simple and straight remedy can he prescribed for thc purpose, There is no panacea which .,all cure a country of unemployment nt ami create conditions offull employment. The problem has to be I ought on all fronts and a comprehensive policy […]

PROBLEMS AND APPLICATION

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PROBLEMS AND APPLICATION 1. Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are requited to eat one apple daily. a. How would this apple-a-day law affect the demand and equilibrium price of apples? b. How would the law affect the marginal product and the value of the marginal product […]

QUESTIONS FOR REVIEW

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QUESTIONS FOR REVIEW  1. Explain how a firm’s production function is related to its marginal product of labor, how a firm’s marginal product of labor is related to the value of its marginal product, and how a firm’s value of marginal product is related to its demand for labor. 2. Give two examples of events that could […]

CONCLUSION

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CONCLUSION This chapter explained how labor, land, and capital are compensated for the roles they play in the ‘Production process. The theory developed here is called the neoclassical theory of distribution. According to the neoclassical theory, the amount paid to each factor of production depends on the supply and demand , for that factor. The demand, in turn, […]

CASE STUDY

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CASE STUDY THE ECONOMICS OF THE BLACK DEATH In 14th-century Europe, the bubonic plague wiped out about one-third of the population within a few years. This event, called the Black Death. provides a grisly natural experiment to test the theory of factor markets that we have just developed. Consider the effects of the Black Death on those […]

LINKAGES AMONG THE FACTOR FOR PRODUCTION

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LINKAGES AMONG THE FACTOR FOR PRODUCTION We have seen that the price paid to any factor of production-labor, land, or capital=equals the value of the marginal product of that factor. The marginal product of any factor, in turn, depends on the quantity of that factor that is available. Because of diminishing marginal product, a’ factor in abundant […]

EQUILIBRIUM IN THE MARKETS FOR LAND AND CAPITAL

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EQUILIBRIUM IN THE MARKETS FOR LAND AND CAPITAL Figure 7 The Markets for Land and Capital Supply and demand determine the compensation paid to the owners of land, as shown in panel (a), and the compensation paid to the owners of capital, as shown in panel (b). The demand for each factor, in turn, depends on the […]

EQUILIBRIUM IN THE MARKETS FOR LAND AND CAPITAL

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EQUILIBRIUM IN THE MARKETS FOR LAND AND CAPITAL What determines how much the owners of land and capital earn for their contribution to the production process? Before answering this question. we need to distinguish between two prices: the purchase price and the rental price. The purchase price of land or capital is the price a person pays […]

THE OTHER FACTORS OF PRODUCTION: LAND AND CAPITAL

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THE OTHER FACTORS OF PRODUCTION: LAND AND CAPITAL We have seen how firms decide how much labor to hire and how these decisions determine workers  wages. At the same time that firms are hiring workers, they are also deciding about other inputs to production. For example, our apple-producing firm might have to choose the size of […]