13a - Chapter 13

OUTLINE

VIDEOS

8 Labor Market Models Competitive Model Imperfect Competition in Product Market Monopsony Union Model increasing demand for labor Union Model craft (exclusive) union Union Model industrial (inclusive) union Union Model bilateral monopoly Minimum Wage FOR and AGAINST Profit Maximizing Rule for Employing Resources: find the quantity employed where MRP=MRC and drive to the S curve to get the wage What Happens under Perfect Competition (the competitive model:)? MRC = W Supply (W) is perfectly elastic so, quantity of labor hired occurs where: MRP=W (or MRP=S) the comprtitve Q and W may also occur with bilateral monoply For each model: know characteristics and examples know the graph be able to find on both a graph and on a table of data: the profit max quantity of labor hired (MRP=MRC) the profit maximizing wage (at the quantity where MRP = MRC, get the wage from the labor supply curve) the competitve quantity of labor (quantity where MRP = S; or the quantity where S and D cross) the competitive wage (at the quantity where MRP = S, get the wage from the labor supply curve)

KHAN ACADEMY A Firm's Marginal Product Revenue Curve (Khan Academy 13:03) How Many People to Hire Given the MPR Curve (Khan Academy 9:02) Minimum Wage and Price Floors 9:06 by khanacademy http://www.khanacademy.org/video?v=j0c2vmFGbtk MINDBITES Labor Market Power and Marginal Factor Cost ($1.98 at: http://www.mindbites.com) Minimum Wage and Labor Markets ($2.97 at: http://www.mindbites.com) Analysis: Labor Unions and Unemployment ($1.98 at: http://www.mindbites.com) The Theory of Efficiency Wages 10:55 ($1.98 at: http://www.mindbites.com) Economics: The Labor Market 2:37 http://www.mindbites.com/lesson/7600 GOT IT Economics: Analyzing the Labor Market mindbites GOT IT: Economics: The Derived Demand for Labor YOUTUBE BILATERAL MONOPOLY wage determination in imperfect labour markets 4:37 pajholden http://www.youtube.com/watch?v=9TnuhpzhlsQ how are wages determined in labour markets, when a monopsonist and then a trade union are present? mjmfoodle: (THE LOST EPISODES) Factor Market Overview http://www.youtube.com/watch?v=J0LigIdph8I&list=UU_xHLAJ_zqPHkmC2aY2MdcA&index=3 (The Lost Episodes) Perfectly Competitive Factor and Output Markets http://www.youtube.com/watch?v=OUyvqq6ZY6s&list=UU_xHLAJ_zqPHkmC2aY2MdcA&index=2 (THE LOST EPISODES) Monopsony Factor Market, Perfectly Competitive Output Market http://www.youtube.com/watch?v=tPJzDUq_dfQ&list=UU_xHLAJ_zqPHkmC2aY2MdcA&index=1 ACDCLeadership Micro Unit 5: Resource Market Playlist by ACDCLeadership 1. Micro Unit 5 Intro- Resource Markets 1:23 by ACDCLeadership http://www.youtube.com/watch?v=Y2Z9r4PKwI8&playnext=1&list=PL9EB9C5438D7264E8&feature=results_main 2. 5.1 Market and Minimum Wage: Econ Concep... by ACDCLeadership 3. 5.2 Perfectly Competitive Labor Market and Firm... 3:27 by ACDCLeadership 4. 5.3 Comparing Product and Resource Market... by ACDCLeadership 5. 5.4 Resource Market, MRP and MRC: Econ Co... by ACDCLeadership Perfectly Competitive Resource Market Profit Maximization 9:53 APECONREVIEWER EconProfessorKate Monopsony Deadweight Loss 0:49 Monopsony Graphically 2:00