第18章-生产要素市场-曼昆经济学原理第七版.pptVIP

Table 2 * ? 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Productivity and Wage Growth in the United States Source: Bureau of Labor Statistics. Growth in productivity is measured here as the annualized rate of change in output per hour in the nonfarm business sector. Growth in real wages is measured as the annualized change in compensation per hour in the nonfarm business sector divided by the implicit price deflator for that sector. These productivity data measure average productivity—the quantity of output divided by the quantity of labor—rather than marginal productivity, but average and marginal productivity are thought to move closely together. Land and Capital Capital Equipment and structures used to produce goods and services Equilibrium Purchase price Price a person pays to own that factor of production indefinitely Rental price Price a person pays to use that factor for a limited period of time * ? 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Equilibrium: Land and Capital Wage Rental price of labor Rental price of land capital Determined by supply and demand Demand – derived demand Reflects marginal productivity of the factor Each factor’s rental price Value of marginal product for the factor * ? 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Figure 7 * ? 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or