Microeconomics

Leisure

Determinant of Labor Supply

Leisure shifts the supply curve to the ______

left

Number of Alternative options

Determinant of Labor Supply

**Immigration**

Determinate of Supply

**Immigration**

Determinant of Labor Supply

Distribution of Age shifts the supply curve to the ____

left

Distribution of Age

Determinant of Labor Supply

Number of Alternative Options shifts the supply curve to the _____

right

Number of Alternative Options

Determinant of Labor Supply

Least-Cost Rule

MPc/Pc = MPL/PL

MP(Additional product form additional labor)

Change of total product/ change Q of labor

MR(Additional money from an additional product)

Change of TR/ change in quantity of product

MPP(marginal physical product)

Change in TP/ change in quantity of resources

Value Marginal product(VMP)

mp x Product price

MRP

MPP x MR

Total factor cost

\# of workers x Wage Rate

MFC

change of TFC/Quantity of

AFC

FC(factor cost)/Q

The additional revenue from a additional worker/**MRP**

Mr x Mp