Faktor produksi adalah input yang digunakan dalam memproduksi

� Faktor produksi adalah input yang digunakan dalam memproduksi barang dan jasa

� Permintaan untuk faktor produksi adalah penurunan kurva permintaan. � Sebuah permintaan perusahaan untuk faktor produksi berasal dari keputusannya untuk memproduksi barang di pasar lain

� Pasar tenaga kerja, seperti pasar lain dalam perekonomian, yang diatur oleh kekuatan penawaran dan permintaan.

FIGURE 1 THE VERSATILITY OF SUPPLY AND DEMAND (a) The Market for Apples (b) The Market for Apple Pickers Price of Apples Supply P Wage of Apple Pickers Supply W Demand 0 Q Quantity of Apples 0 L Quantity of Apple Pickers Copyright© 2003 Southwestern/Thomson Learning

� Fungsi produksi menggambarkan hubungan antara kuantitas input yang digunakan dan kuantitas output yang diproduksi

TABLE 1 HOW THE COMPETITIVE FIRM DECIDES HOW MUCH LABOR TO HIRE Copyright© 2004 South-Western

FIGURE 2 THE PRODUCTION FUNCTION Quantity of Apples Production function 300 280 240 180 100 0 1 2 3 4 5 Quantity of Apple Pickers Copyright© 2003 Southwestern/Thomson Learning

� Marginal Product Of Labor (MPL) adalah penambahan output yang dihasil dari penambahan satu unit tenaga kerja ◦ MPL = Q/ L ◦ MPL = (Q 2 – Q 1)/(L 2 – L 1)

Diminishing Marginal Product of Labor � Ketika jumlah pekerja bertambah, produk marjinal tenaga kerja menurun. � Jika pekerja semakin banyak, maka setiap pekerja memberikan tambahan kontribusi untuk produksi kurang dari yang sebelumnya. � Fungsi produksi menjadi lebih datar karena jumlah pekerja meningkat. � ini disebut produk marjinal menurun.

� Penurunan marginal product mengacu kepada marginal input yang semakin menurun akibat penambahan tenaga kerja

FIGURE 2 THE PRODUCTION FUNCTION Quantity of Apples Production function 300 280 240 180 100 0 1 2 3 4 5 Quantity of Apple Pickers Copyright© 2003 Southwestern/Thomson Learning

The Value of the Marginal Product and the Demand for Labor � Nilai marginal produk adalah marginal produk input dikalikan dengan harga barang VMPL = MPL P

The Value of the Marginal Product and the Demand for Labor � The value of the marginal product (also known as marginal revenue product) is measured in dollars. � It diminishes as the number of workers rises because the market price of the good is constant.

The Value of the Marginal Product and the Demand for Labor � To maximize profit, the competitive, profitmaximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage. VMPL = Wage

The Value of the Marginal Product and the Demand for Labor � The value-of-marginal-product curve is the labor demand curve for a competitive, profitmaximizing firm.

FIGURE 3 THE VALUE OF THE MARGINAL PRODUCT OF LABOR Value of the Marginal Product Market wage Value of marginal product (demand curve for labor) 0 Profit-maximizing quantity Quantity of Apple Pickers Copyright© 2003 Southwestern/Thomson Learning

FYI—INPUT DEMAND OUTPUT SUPPLY � When a competitive firm hires labor up to the point at which the value of the marginal product equals the wage, it also produces up to the point at which the price equals the marginal cost.

WHAT CAUSES THE LABOR DEMAND CURVE TO SHIFT? � Output Price � Technological Change � Supply of Other factors

THE SUPPLY OF LABOR � The labor supply curve reflects how workers’ decisions about the labor-leisure tradeoff respond to changes in opportunity cost. � An upward-sloping labor supply curve means that an increase in the wages induces workers to increase the quantity of labor they supply.

FIGURE 4 EQUILIBRIUM IN A LABOR MARKET Wage (price of labor) 0 Supply Quantity of Labor Copyright© 2003 Southwestern/Thomson Learning

What Causes the Labor Supply Curve to Shift? � Changes in Tastes � Changes in Alternative Opportunities � Immigration

EQUILIBRIUM IN THE LABOR MARKET � The wage adjusts to balance the supply and demand for labor. � The wage equals the value of the marginal product of labor.

FIGURE 4 EQUILIBRIUM IN A LABOR MARKET Wage (price of labor) Supply Equilibrium wage, W Demand 0 Equilibrium employment, L Quantity of Labor Copyright© 2003 Southwestern/Thomson Learning

EQUILIBRIUM IN THE LABOR MARKET � Labor supply and labor demand determine the equilibrium wage. � Shifts in the supply or demand curve for labor cause the equilibrium wage to change.

FIGURE 5 A SHIFT IN LABOR SUPPLY Wage (price of labor) 1. An increase in labor supply. . . Supply, S S W W 2. . reduces the wage. . . Demand 0 L Quantity of Labor 3. . and raises employment. L Copyright© 2003 Southwestern/Thomson Learning

SHIFTS IN LABOR SUPPLY � An increase in the supply of labor : � Results in a surplus of labor. � Puts downward pressure on wages. � Makes it profitable for firms to hire more workers. � Results in diminishing marginal product. � Lowers the value of the marginal product. � Gives a new equilibrium.

FIGURE 6 A SHIFT IN LABOR DEMAND Wage (price of labor) Supply W 1. An increase in labor demand. . . W 2. . increases the wage. . . D Demand, D 0 L Quantity of Labor 3. . and increases employment. L Copyright© 2003 Southwestern/Thomson Learning

SHIFTS IN LABOR DEMAND � An increase in the demand for labor : � Makes it profitable for firms to hire more workers. � Puts upward pressure on wages. � Raises the value of the marginal product. � Gives a new equilibrium.

TABLE 2 PRODUCTIVITY AND WAGE GROWTH IN THE UNITED STATES. Copyright© 2004 South-Western

OTHER FACTORS OF PRODUCTION: LAND CAPITAL � Capital refers to the equipment and structures used to produce goods and services. � The economy’s capital represents the accumulation of goods produced in the past that are being used in the present to produce new goods and services.

OTHER FACTORS OF PRODUCTION: LAND CAPITAL � Prices � The of Land Capital purchase price is what a person pays to own a factor of production indefinitely. � The rental price is what a person pays to use a factor of production for a limited period of time.

EQUILIBRIUM IN THE MARKETS FOR LAND CAPITAL � The rental price of land the rental price of capital are determined by supply and demand. � The firm increases the quantity hired until the value of the factor’s marginal product equals the factor’s price.

FIGURE 7 THE MARKETS FOR LAND CAPITAL (a) The Market for Land Rental Price of Land (b) The Market for Capital Rental Price of Capital Supply P Demand 0 Q Quantity of Land 0 Q Quantity of Capital Copyright© 2003 Southwestern/Thomson Learning

EQUILIBRIUM IN THE MARKETS FOR LAND CAPITAL � Each factor’s rental price must equal the value of its marginal product. � They each earn the value of their marginal contribution to the production process.

LINKAGES AMONG THE FACTORS OF PRODUCTION � Factors � The of production are used together. marginal product of any one factor depends on the quantities of all factors that are available.

LINKAGES AMONG THE FACTORS OF PRODUCTION �A change in the supply of one factor alters the earnings of all the factors.

LINKAGES AMONG THE FACTORS OF PRODUCTION �A change in earnings of any factor can be found by analyzing the impact of the event on the value of the marginal product of that factor.