chapter 19 - supply/demand of labor

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9 Terms

1
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equilibrium

W = MPL

2
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marginal product of labor (MPL)

additional output produced by one more worker

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marginal revenue product

the extra revenue from hiring 1 more worker

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which curves are the same in competitive, profit maxxing

MP = labor demand

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difference between labor saving and augmenting

labor saving: labor unneeded

labor augmenting: makes current labor more efficient

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income effect

response of hours worked due to a change in persons economic well-being

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substitution effect

response of hours worked due to a change in the opportunity cost of leisure

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general equilibrium effect

general linkage among various markets

9
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