THE ECONOMICS OF LABOUR MARKETS

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THE ECONOMICS OF LABOUR MARKETS 6 THE ECONOMICS OF LABOUR MARKETS

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 © 2010 South-Western

Table 1 How the Competitive Firm Decides How Much Labour to Hire Copyright©2010 South-Western

Figure 2 The Production Function Quantity of Apples Production function 300 280 240 180 100 1 2 3 4 5 Quantity of Apple Pickers Copyright © 2010 South-Western

Figure 2 The Production Function Quantity of Apples Production function 300 280 240 180 100 1 2 3 4 5 Quantity of Apple Pickers Copyright © 2010 South-Western

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 © 2010 South-Western

Figure 4 Equilibrium in a Labour Market Wage (price of labour) Supply Quantity of labour Copyright © 2010 South-Western

Figure 4 Equilibrium in a Labour Market Wage (price of labour) Supply Demand Equilibrium wage, W employment, L Quantity of labour Copyright © 2010 South-Western

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 © 2010 South-Western

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 © 2010 South-Western

Table 2 Productivity and Wage Growth (%) in the United Kingdom. Copyright©2010 South-Western

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 © 2010 South-Western

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