• Micro Unit VII - Factor Markets
     
    Unit VII-1: Intro to Resource Markets
    Objectives:
    1. TSW define who demands/supplies labor.
    2. TSW draw labor supply and labor demand curves.
     
    Homework:
    1. Chapter 18 Outline Due Tuesday 2/3 (10 Points)
     
    Unit VII-2: Perfectly Competitive Labor Markets
    Objectives:
    1. TSW identify characteristics of perfectly competitive labor markets.
    2. TSW draw the labor market for a perfectly competitive firm.
    3. TSW identify and define MRP & MRC. 
     
    Homework:
    1. None
     
    Unit VII-3: MRP = MRC
    Objectives:
    1. TSW define derived demand of labor.
    2. TSW identify how MRP & MRC is calculated.
    3. TSW develop how to know how many workers to hire within an industry.
     
    Homework:
    1. None
     
    Unit VII-4: Maximizing Profit in Perfectly Competitive Markets
    Objectives:
    1. TSW practice solving problems identifying how many workers to hire.
    2. TSW draw the graphs of side by side industries and firms.
    3. TSW identify why the demand curve in a labor market is downward sloping.
     
    Homework:
    1. None
     
    Unit VII-5: Shifters of Resource Supply + Demand
    Objectives:
    1. TSW identify the shifters of resource supply and demand.
    2. TSW graph supply and demand for different occupations to determine wages and quantities of laborers.
     
    Homework:
    1. None
     
    Unit VII-6: Maximizing Output
    Objectives:
    1. TSW review the application of a minimum wage to a labor market.
    2. TSW learn the formula for maximizing output.
    3. TSW define the profit maximizing rule for a labor market.
     
    Homework:
    1. Pages 39-40 in packet (Pick 2 Problems for 10 Points)
     
    Unit VII-7: Imperfect Competition: Monopsony + Economic Rent
    Objectives:
    1. TSW define monopsony and economic rent.
    2. TSW learn to graph what a monopsony market looks like and why
     
    Homework:
    1. Prep for Test
     
    Unit VII-8: Test: Factor Markets
    Objectives:
    1. TSW take the Unit VII Test: Factor Markets 
    Homework:
     
Last Modified on February 3, 2015