tailieunhanh - Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh - Phần 27

Tài liệu tham khảo Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh gồm 41 phần giúp sinh viên khoa kinh tế học tốt môn Kinh tế vi mô. Tài liệu này là phần 27 giới thiệu về " yếu tố thị trường - factor markets " | CHAPTER 26 FACTOR MARKETS In our examination of factor demands in Chapter 19 we only considered the case of a firm that faced a competitive output market and a competitive factor market. Now that we have studied monopoly behavior we can examine some alternative specifications of factor demand behavior. For example what happens to factor demands if a firm behaves as a monopolist in its output market Or what happens to factor demands if a firm is the sole demander for the use of some factors We investigate these questions and some related questions in this chapter. Monopoly in the Output Market When a firm determines its profit-maximizing demand for a factor it will always want to choose a quantity such that the marginal revenue from hiring a little more of that factor just equals the marginal cost of doing so. This follows from the standard logic if the marginal revenue of some action didn t equal the marginal cost of that action then it would pay for the firm to change the action. MONOPOLY IN THE OUTPUT MARKET 469 This general rule takes various special forms depending on our assumptions about the environment in which the firm operates. For example suppose that the firm has a monopoly for its output. For simplicity we will suppose that there is only one factor of production and write the production function as y f x . The revenue that the firm receives depends on its production of output so we write R y p y y where p y is the inverse demand function. Let us see how a marginal increase in the amount of the input affects the revenues of the firm. Suppose that we increase the amount of the input a little bit Ax. This will result in a small increase in output A . The ratio of the increase in output to the increase in the input is the marginal product of the factor Ax Ax v 7 This increase in output will cause revenue to change. The change in revenue is called the marginal revenue. MR 2 J 2 y Ay Ay The effect on revenue due to the marginal increase in the input is .