The Markets for the Factors of Production

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The Markets for the Factors of Production 18 The Markets for the Factors of Production

Figure 1 The Versatility of Supply and Demand (a) The market for apples (b) The market for apple pickers Price of Wage of apples apple pickers Supply Demand Demand Supply P Q L W Quantity of Quantity of apples apple pickers Copyright © 2011 Cengage Learning

Table 1 How the Competitive Firm Decides How Much Labour to Hire Copyright © 2011 Cengage Learning

Figure 2 The Production Function Quantity of apples Production function 3000 2800 2400 1800 1000 1 2 3 4 5 Quantity of apple pickers Copyright © 2011 Cengage Learning

Figure 3 The Value of the Marginal Product of Labour Value of marginal product (demand curve for labour) Market wage Profit-maximizing quantity Quantity of apple pickers Copyright © 2011 Cengage Learning

Figure 4 Equilibrium in a Labour Market Wage (price of labour) Supply Quantity of labour Copyright © 2011 Cengage Learning

Figure 4 Equilibrium in a Labour Market Wage (price of labour) Supply Demand Equilibrium wage, W employment, L Quantity of labour Copyright © 2011 Cengage Learning

Figure 5 A Shift in Labour Supply Wage 1. An increase in labour supply . . . (price of Supply, S labour) Demand S W L 2. . . . reduces the wage . . . W L Quantity of 3. . . . and raises employment. labour Copyright © 2011 Cengage Learning

Figure 6 A Shift in Labour Demand Wage (price of Supply labour) D W L Demand, D 1. An increase in labour demand . . . 2. . . . increases the wage . . . W L Quantity of 3. . . . and increases employment. labour Copyright © 2011 Cengage Learning

Figure 7 UK Labour Productivity, 1961–2005 (1) Copyright © 2011 Cengage Learning

Figure 7 UK Labour Productivity, 1961–2005 (2) Copyright © 2011 Cengage Learning

Table 2 Annual Growth in UK Productivity, 1951–2000 (%) Copyright © 2011 Cengage Learning

Figure 7 The Markets for Land and Capital (a) The market for land (b) The market for capital Rental Rental price of price of Supply land capital Supply Demand Demand P Q Q P Quantity of Quantity of land capital Copyright © 2011 Cengage Learning

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