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L15

L15. Producers: Labor Markets. Labor supply (consumers). Producers. Producers: have a technology Technology given by production function Two inputs: Capital and Labor Example MPL and MPK (decreasing) Short and Long run (fixed K or not) Returns to Scale. MPL (interpretation).

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L15

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  1. L15 Producers: Labor Markets

  2. Labor supply (consumers)

  3. Producers • Producers: have a technology • Technology given by production function • Two inputs: Capital and Labor • Example • MPL and MPK (decreasing) • Short and Long run (fixed K or not) • Returns to Scale

  4. MPL (interpretation)

  5. Short Run (fixed K) • Profit maximization • Price taking • Example (Short run)

  6. Short run: Demand for Labor

  7. Labor Market: Equilibrium

  8. Labor Market: Equilibrium • Capital change A) B) C) D)

  9. Labor Market: Equilibrium • Technology • Preferences

  10. Labor Market: Minimal Wage

  11. Long run ( not fixed) • We choose simultaneously and

  12. Long run

  13. Profit Maximization and IRS • Profit • Suppose that are optimal • What can we say about at ? • Profit maximization not always well defined

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