6 THE ECONOMICS OF LABOUR MARKETS. Copyright © 2006 Thomson Learning 18 The Markets for the Factors of Production.

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6 THE ECONOMICS OF LABOR MARKETS. Copyright©2004 South-Western 18 The Markets for the Factors of Production.
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6 THE ECONOMICS OF LABOUR MARKETS

Copyright © 2006 Thomson Learning 18 The Markets for the Factors of Production

Figure 1 The Versatility of Supply and Demand Copyright©2003 Southwestern/Thomson Learning Quantity of Apples 0 Price of Apples Demand Supply Demand Supply Quantity of Apple Pickers 0 Wage of Apple Pickers (a) The Market for Apples(b) The Market for Apple Pickers P QL W

Table 1 How the Competitive Firm Decides How Much Labour to Hire Copyright©2004 South-Western

Figure 2 The Production Function Copyright©2003 Southwestern/Thomson Learning Production function Quantity of Apple Pickers 0 Quantity of Apples

Figure 2 The Production Function Copyright©2003 Southwestern/Thomson Learning Production function Quantity of Apple Pickers 0 Quantity of Apples

Figure 3 The Value of the Marginal Product of Labour Copyright©2003 Southwestern/Thomson Learning 0 Quantity of Apple Pickers 0 Value of the Marginal Product Value of marginal product (demand curve for labour) Market wage Profit-maximizing quantity

Figure 4 Equilibrium in a Labour Market Copyright©2003 Southwestern/Thomson Learning Wage (price of labour) 0 Quantity of labour Supply

Figure 4 Equilibrium in a Labour Market Copyright©2003 Southwestern/Thomson Learning Wage (price of labour) 0 Quantity of labour Supply Demand Equilibrium wage,W Equilibrium employment,L

Figure 5 A Shift in Labour Supply Copyright©2003 Southwestern/Thomson Learning Wage (price of labour) 0 Quantity of labour Supply,S Demand reduces the wage and raises employment. 1. An increase in labour supply... S W L W L

Figure 6 A Shift in Labour Demand Copyright©2003 Southwestern/Thomson Learning Wage (price of labour) 0 Quantity of labour Supply Demand,D increases the wage and increases employment. D W L W L 1. An increase in labour demand...

Table 2 Productivity and Wage Growth (%) in the United Kingdom. Copyright©2004 South-Western

Figure 7 The Markets for Land and Capital Copyright©2003 Southwestern/Thomson Learning Quantity of Land 0 Rental Price of Land Demand Supply Demand Supply Quantity of Capital 0 Rental Price of Capital Q P (a) The Market for Land(b) The Market for Capital P Q

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