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# 经济代写|微观经济学代考Microeconomics代写|ECON110 The Firm’s Short-Run Demand for Labor

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## 经济代写|微观经济学代考Microeconomics代写|The Firm’s Short-Run Demand for Labor

As we have mentioned, the firm’s demand for labor depends on what the market for the firm’s output looks like, as well as on the level of competition in the labor market.
16.3.1 Perfect Competition in both the Input and Output Market

In the simplest case, we have perfect competition in both the input and in the output market. The firm cannot influence the price, $\mathrm{p}$, on the good, which, in turn, makes the marginal revenue equal to the price (see Section 9.3.1): $M R=p$. The value of the marginal product of labor is consequently $M R P_L=p^* M P_L$. Furthermore, the marginal cost of labor equals the wage, $\mathrm{MC}{\mathrm{L}}=\mathrm{w}$. The firm will then hire workers as long as $\mathrm{MRP}{\mathrm{L}}>\mathrm{w}$, i.e. as long as the revenue is higher than the cost of hiring, and the criterion for equilibrium is
$$M R P_L=w .$$

Note now that this means that the $\mathrm{MRP}{\mathrm{L}}$ curve will become the firm’s demand curve for labor. Furthermore, remember that we have the law of diminishing marginal returns (see Section 7.2.2). $\mathrm{MRP}{\mathrm{L}}=\mathrm{p}^* \mathrm{MP}{\mathrm{L}}$ will therefore, eventually, start to diminish the more workers we hire (since $\mathrm{MP}{\mathrm{L}}$ will diminish while $\mathrm{p}$ is constant). We will then get a downward sloping demand curve for labor, as in the left part of Figure 16.2. (Compare also to Figure 7.1.)

## 经济代写|微观经济学代考Microeconomics代写|Monopoly in the Output Market

We continue to assume that there are many buyers and sellers of labor, but now we assume that the good is sold in a monopoly market. The firm maximizes profit in the same way as before, i.e. it hires workers until the cost, w, is as large as the marginal revenue product, $\mathrm{MRP}{\mathrm{L}}$. However, since the good is now sold in a monopoly market, MR will not be equal to the price anymore. Instead, MR $(<\mathrm{p})$ will fall with increased production (see Section 11.2). This, in turn, means that $\mathrm{MRP}{\mathrm{L}}\left(=\mathrm{MR}^* \mathrm{MP}{\mathrm{L}}\right)$ will be steeper than in the case of perfect competition in the output market (since now both $\mathrm{MRP}{\mathrm{L}}$ and MR are downwardsloping curves). The monopolist produces a smaller quantity than a firm in a competitive market does, and therefore she will hire fewer workers.

Figure 16.3: The Demand for Labor when the Output Market is a Monopoly

In Figure 16.3, we have drawn the demand curves for labor, both for a monopolist and for a firm in a competitive market. The monopolist’s demand curve is $\operatorname{MRP}{\mathrm{L}}\left(=\mathrm{MR}^* M P{\mathrm{L}}\right)$ and it will lie below the $\mathrm{MRP}{\mathrm{L}}\left(=\mathrm{p}^* M P{\mathrm{L}}\right)$ for a firm in a competitive market. The wage, $w$, is set in a competitive labor market and cannot be affected by either workers or firms. However, the firm hires fewer workers, $\mathrm{L}{\mathrm{M}}$, than it would in a competitive market, $\mathrm{L}{\mathrm{C}}$. A monopoly in the output market will consequently create inefficiencies in both the market for goods and in the labor market.

# 微观经济学代写

## 经济代写|微观经济学代考Microeconomics代写|The Firm’s ShortRun Demand for Labor

$$M R P_L=w$$

## 经济代写|微观经济学代考Microeconomics代写|Monopoly in the Output Market

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