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MICROECONOMICSby Robert S. Pindyck Daniel RubinfeldNinth EditionCopyright ? 2016, 2012, 2009 Pearson Education, Inc. All Rights Reserved
Chapter 14Markets for Factor InputsWe will examine three different factor market structuresPerfectly competitive factor markets;Markets in which buyers of factors have monopsony power;Markets in which sellers of factors have monopoly power.CHAPTER OUTLINE14.1 Competitive Factor Markets14.2 Equilibrium in a Competitive Factor Market14.3 Factor Markets with Monopsony Power14.4 Factor Markets with Monopoly PowerLIST OF EXAMPLES14.1 The Demand for Jet Fuel14.2 Labor Supply for One- and Two-Earner Households14.3 Pay in the Military14.4 Monopsony Power in the Market for Baseball Players14.5 Teenage Labor Markets and the Minimum Wage14.6 The Decline of Private-Sector Unionism14.7 Wage Inequality Revisited
14.1 Competitive Factor Markets (1 of 9)Demand for a Factor Input When Only One Input Is Variablederived demand Demand for an input that depends on, and is derived from, both the firm’s level of output and the cost of inputs.marginal revenue product Additional revenue resulting from the sale of output created by the use of one additional unit of an input.How do we measure the MRPL? It’s the additional output obtained from the additional unit of this labor, multiplied by the additional revenue from an extra unit of output.This important result holds for any competitive factor market, whether or not the output market is competitive.(14.1)In a competitive output market, a firm will sell all its output at the market price P. In this case, the marginal revenue product of labor is equal to the marginal product of labor times the price of the product:(14.2)
14.1 Competitive Factor Markets (2 of 9)FIGURE 14.1MARGINAL REVENUE PRODUCTIn a competitive factor market in which the producer is a price taker, the buyer’s demand for an input is given by the marginal revenue product curve. The MRP curve falls because the marginal product of labor falls as
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