Microeconomics
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19 Terms
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Leisure
Determinant of Labor Supply
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Leisure shifts the supply curve to the ______
left
3
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Number of Alternative options
Determinant of Labor Supply
4
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**Immigration**
Determinate of Supply
5
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**Immigration**
Determinant of Labor Supply
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Distribution of Age shifts the supply curve to the ____
left
7
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Distribution of Age
Determinant of Labor Supply
8
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Number of Alternative Options shifts the supply curve to the _____
right
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Number of Alternative Options
Determinant of Labor Supply
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Least-Cost Rule
MPc/Pc = MPL/PL
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MP(Additional product form additional labor)
Change of total product/ change Q of labor
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MR(Additional money from an additional product)
Change of TR/ change in quantity of product
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MPP(marginal physical product)
Change in TP/ change in quantity of resources
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Value Marginal product(VMP)
mp x Product price
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MRP
MPP x MR
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Total factor cost
\# of workers x Wage Rate
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MFC
change of TFC/Quantity of
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AFC
FC(factor cost)/Q
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The additional revenue from a additional worker/**MRP**
Mr x Mp
Note 
Flashcards (23)