ECONOMICS 5 e Roger Arnold CHAPTER 27 Factor

ECONOMICS, 5 e Roger Arnold CHAPTER 27 Factor Markets With Emphasis on the Labor Market

Exhibit 1 Calculating the Marginal Revenue Product (MRP) Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 278

Exhibit 2 The MRP Curve Is the Firm’s Factor Demand Curve Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 279

Exhibit 3 MRP and VMP Curves Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 280

Exhibit 4 Calculating MFC and Deriving the MFC Curve (the Firm’s Factor Supply Curve) Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 281

Exhibit 5 Equating MRP and MFC Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 282

Exhibit 6 Shifts in the Firm’s MRP, or Factor Demand, Curve Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 283

Exhibit 7 The Derivation of the Market Demand Curve for Labor Units Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 284

Exhibit 8 The Market Supply of Labor Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 285

Exhibit 9 Equilibrium in a Particular Labor Market Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 286

Exhibit 10 Wage Rate Equalization across Labor Markets Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 287

Exhibit 11 The Wage Rate Arnold Economics, 5 e / Ch. 27 Factor Markets © 2001 South-Western College Publishing 288