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Chapter 7 - Wages, rent, interest, and profit. In this chapter you will consider how businesses choose the profit-maximizing amount of a resource they use when they are price-takers in the product markets in which they sell their products; look at the case where businesses are price-makers in their product markets and analyze the factors that change resource demand and affect the price elasticity of resource demand;. | Understanding Economics Chapter 7 Wages, Rent, Interest, and Profit Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 2nd Edition by Mark Lovewell and Khoa Nguyen Chapter Objectives (a) In this chapter you will: consider how businesses choose the profit-maximizing amount of a resource they use when they are price-takers in the product markets in which they sell their products Look at the case where businesses are price-makers in their product markets and analyze the factors that change resource demand and affect the price elasticity of resource demand Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Chapter Objectives (b) continued learn about the factors that affect wages, including productivity, education, experience, job conditions, regional disparities, market power, and discrimination look at the incomes from other resources—rent, interest, and profit Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © . | Understanding Economics Chapter 7 Wages, Rent, Interest, and Profit Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 2nd Edition by Mark Lovewell and Khoa Nguyen Chapter Objectives (a) In this chapter you will: consider how businesses choose the profit-maximizing amount of a resource they use when they are price-takers in the product markets in which they sell their products Look at the case where businesses are price-makers in their product markets and analyze the factors that change resource demand and affect the price elasticity of resource demand Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Chapter Objectives (b) continued learn about the factors that affect wages, including productivity, education, experience, job conditions, regional disparities, market power, and discrimination look at the incomes from other resources—rent, interest, and profit Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. The Demand for Resources The demand for resources is based on the demand for the products they produce According to marginal productivity theory businesses use resources based on how much extra profit these resources provide Three factors are important a resource’s marginal cost a resource’s marginal product the marginal revenue of new units of output * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. A Product and Resource Price-Taker If a business is a price-taker in its product and resource markets the resource’s marginal cost is constant the resource’s marginal product varies the marginal revenue of new units of output is constant * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. The Profit-Maximizing Employment Rule The profit-maximizing employment rule states that profits are maximized when marginal revenue product equals marginal resource cost marginal revenue product is the change
