how to print barcode in crystal report using vb.net 16: Demand for Economic Resources in Java

Generation Code 128 Code Set A in Java 16: Demand for Economic Resources

CHAPTER 16: Demand for Economic Resources
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Changes in Resource Demand
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A rm s demand for a productive resource will increase (i.e., shift up) if: (1) the product demand increases; (2) the productivity of the resource rises; (3) the prices of substitute resources rise; or (4) the prices of complementary resources fall.
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A rm s demand for a resource (say, labor) depends in large part upon circumstances beyond the rm s control.
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For example, if the market demand for shoes rises and if the rm provides each worker with better but more expensive equipment, the rm s demand for labor will also rise. That is, to produce more shoes requires more labor; better equipment makes labor more productive so the demand for labor increases; an increase in the price of equipment encourages the substitution of labor for capital in production. If a rm uses more than one variable resource, say labor (L) and capital (K), the rm will maximize total pro ts when it uses labor and capital until the marginal revenue product of each resource equals the re-
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136 PRINCIPLES OF ECONOMICS
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source price (if the rm is a perfect competitor in the resource markets). That is, the rm will maximize total pro ts when MRPL = PL or wage rate, and MRPK = PK or the rate of interest. This can be rewritten as MRPL/PL = MRPK /PK = 1 and can be generalized to any number of resources. If the rm is an imperfect competitor in the resource markets, the pro t maximization condition is generalized to MPPL = MRCL and MPPK = MRCK or MPPL/MRCL = MPPK /MRCK = 1 (where MRC refers to the marginal resource cost).
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1. The price of a resource is determined by the demand for the resource. 2. If the rm is a perfect competitor in the product market, its MRP curve is downward-sloping only because the marginal physical product curve of the resource is downward sloping. 3. Marginal resource cost refers to the increase in the rm s total costs in hiring each additional unit of the resource. 4. To maximize pro ts, a rm should hire resources as long as each additional unit of the resource adds more to the rm s total costs than to its total revenue. 5. A rm s demand for a resource shifts up if the productivity of the resource increases. Answers: 1. False; 2. True; 3. True; 4. False; 5. True
Solved Problems
Solved Problem 16.1 a. Why do rms demand resources In what way is a rm s demand for a resource a derived demand How does this differ from consumers demand for nal commodities b. What determines the strength of a rm s demand for a productive resource Solution: a. Firms demand resources in order to produce nal commodities. It is the consumers demand for nal commodities that ultimately gives rise
CHAPTER 16: Demand for Economic Resources
to the rm s demand for productive resources. Because of this, the demand for a resource is referred to as a derived demand. It is derived from the demand for the nal commodities that require the resource in production. While consumers demand nal commodities because of the direct utility that they get from consuming commodities, producers demand resources only because the resource can be used to produce the commodities that consumers demand. b. The strength of a rm s demand for a resource depends on: (1) the strength of the demand for the commodity that the resource is used to produce; (2) the productivity of the resource in producing the nal commodity; and (3) the prices of other related (i.e., substitute and complementary) resources. The higher the demand for the nal commodity, the more productive is the resource. The higher the price of substitute resources and the lower the price of complementary resources, the greater the rm s demand for the resource. Solved Problem 16.2 From Table 16.2, a. Find the marginal physical product (MPP), total revenue, and the marginal revenue product (MRP) schedules. b. Why does the MPP decline Why does MRP decline How do we know this rm is a perfect competitor in the product market Table 16.2
Solution: a. Column 3 in Table 16.3 gives the MPP. It is obtained from the change in total product per unit change in the use of the variable resource. Column 5 gives the total revenue of the rm. It is obtained by multiplying the product price (column 4) by the total product (column 2). Column
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