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IV. UNIT IV

IV. UNIT IV. B. THE PRICING AND EMPLOYMENT. OF RESOURCES: WAGE. DETERMINATION. 1. Purely competitive labor markets. a. Recognition. b. Wage determination. 2. Monopsonistic labor markets. a. MRC and Wage (P of labor. comparison). b. Wage determination. 3. Union models.

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IV. UNIT IV

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  1. IV. UNIT IV . B. THE PRICING AND EMPLOYMENT OF RESOURCES: WAGE DETERMINATION 1. Purely competitive labor markets a. Recognition b. Wage determination 2. Monopsonistic labor markets a. MRC and Wage (P of labor comparison) b. Wage determination 3. Union models a. Craft unions b. Industrial unions c. Bilateral monopoly

  2. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00

  3. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 50 10 1 10 3 80 22 110 2 32 4 16 80 55 3 48 11 4 59 55 5 $25 5 25 64 5

  4. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 50 10 1 10 3 80 22 110 2 32 4 16 80 55 3 48 11 4 59 55 5 $25 5 25 64 5

  5. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 50 10 1 10 3 80 22 110 2 32 4 16 80 55 3 48 11 4 59 55 5 $25 5 25 64 5

  6. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 50 10 1 10 3 80 22 110 2 32 4 16 80 55 3 48 11 4 59 55 5 $25 5 25 64 5

  7. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 50 10 1 10 3 80 22 110 2 32 4 16 80 55 3 48 11 4 59 55 5 $25 5 25 64 5

  8. MARGINAL PRODUCTIVITY THEORY OF INCOME DISTRIBUTION DOES !!!!!!!! NOT UNITS OF LABOR D FOR LABOR TP MPP MRP HOLD PER DAY PER DAY 0 0 PRICE Q 50 10 1 10 3 80 22 110 2 32 4 16 80 55 3 48 11 4 59 55 5 $25 5 25 64 5

  9. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00

  10. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 285 10 1 1 10 $285 2 22 154 2 32 154 3 16 96 96 3 48 4 55 11 4 59 55 20 5 5 5 20 64

  11. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 285 10 1 1 10 $285 2 22 154 2 32 154 3 16 96 96 3 48 4 55 11 4 59 55 20 5 5 5 20 64

  12. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 285 10 1 1 10 $285 2 22 154 2 32 154 3 16 96 96 3 48 4 55 11 4 59 55 20 5 5 5 20 64

  13. SUPPLY OF LABOR PRICE /DAY MRC Q L L L $7.99 0 8.00 8.00 1 15.00 11.50 2 96.00 3 39.67 101.00 55.00 4 5 75.00 155.00 UNITS OF LABOR D FOR LABOR TP MPP MRP PER DAY PER DAY 0 0 PRICE Q 285 10 1 1 10 $285 2 22 154 2 32 154 3 16 96 96 3 48 4 55 11 4 59 55 20 5 5 5 20 64

  14. THE MARGINAL PRODUCTIVITY THEORY OF INCOME DISTRIBUTION DOES NOT HOLD D FOR LABOR TP MPP MRP UNITS OF LABOR PER DAY PER DAY 0 0 PRICE Q 285 10 1 1 10 $285 2 22 154 2 32 154 3 16 96 96 3 48 4 55 11 4 59 55 20 5 5 5 20 64

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