By Joanne Wachter illustrated by Laura Logan
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Extra info for A Hat to Fit Bun
Example 2: Employment protection. Some types of workers may be able to negotiate long-term contracts with an employer. This section of sta¤ in e¤ect becomes a quasi-…xed factor. To see the impact of this short-run …xity of an input, think of the behaviour of the pro…t-maximising …rm as an mechanism, converting market data (prices) into supplies of output and demands for inputs. We have seen how this mechanism works in the comparative statics manipulations that we performed earlier on. Now suppose you tie down part of the system by imposing short-run constraints: what would we expect to happen?
These take the form of one-liners or mini-problems that have suggested answers or outline solutions in Appendix B. Each chapter has one or two practical illustrative examples drawn from the relevant applied economics literature. 8 CHAPTER 1. INTRODUCTION The bibliographic references for the examples and for further reading are collected together on pages 484 onwards. At the end of each chapter there are exercises that are designed to give you a more serious mental workout than the little footnote questions by the wayside.
The main result is as follows: 1 7 We have ruled out < 0, but what would be likely to happen in a market if See page 57. 1 8 What must be true about the production function for such a q to exist? > 0? 3. 3 (Marginal products and input prices) At the pro…t-maximising technique, for any input the value of the marginal product of the input must be no greater than the price of that input. If the input is purchased in positive amounts, the value of its marginal product must equal its price. 13) in the cost-minimisation problem we know that times the marginal product of i must be less than or equal to wi ; our discussion of the cost function revealed that must be marginal cost; from the optimisation of output problem we know that marginal cost equals price.
A Hat to Fit Bun by Joanne Wachter illustrated by Laura Logan