Lecture Economics (6/e): Chapter 27 - Stephen L. Slavin-Kinh Te - Quan Ly

Chapter 27 - Demand in the factor market. The following will be discussed in this chapter: Derived demand, productivity, marginal revenue product, changes in resource demand, the substitution and output effects, optimum resource mix for the firm. Chapter27DemandintheFactorMarketCopyright2002 by The McGrawHill Companies, Inc.All rights reserved.271ChapterObjectives•Deriveddemand•Productivity•Marginalrevenueproduct•Changesinresourcedemand•Thesubstitutionandoutputeffects•Optimumresourcemixforthef

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Chapter

27

Demand

in

the

Factor

Market

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

27­1

Chapter

Objectives

•

Derived

demand

•

Productivity

•

Marginal

revenue

product

•

Changes

in

resource

demand

•

The

substitution

and

output

effects

•

Optimum

resource

mix

for

the

firm

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

27­2

Derived

Demand

•

Derived

demand

is

the

demand

for

resources

•

There

are

four

resources:

land,

labor,

capital,

and

entrepreneurial

ability

•

The

demand

for

these

resources

is

derived

from

the

demand

for

the

final

products

–

The

demand for land on which to

grow corn is

derived from

the

demand for

corn

–

The

demand for labor with which to

produce

cars

is

derived from

the

demand for

cars

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

27­3