TAILIEUCHUNG - Microeconomics for MBAs 51

Microeconomics for MBAs 51. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 15 Competitive and Monopsonistic Labor Markets The farmers who employ migrant workers are caught in a competitive bind. Consumers want to buy their food at the lowest possible price. As producers farmers must be able to sell their produce at a competitive price. That means minimizing the cost of production including the full wage rate paid to employees. If farmers are forced to provide better housing for their laborers they must reduce costs in other ways including the substitution of machinery for labor. This is precisely what happened in many farm areas since the imposition of stricter housing standards. A federal law establishing migrant housing standards was passed in the late 1960s. In 1969 the farm labor service of the Michigan Employment Security Commission arranged jobs and housing for 27 163 migrants but in the summer of 1970 it estimated that it would be able to place only 7 000 to 8 000 workers. State and local officials forecast that on balance the new housing standards would eliminate 6 000 to 10 000 jobs. Meanwhile many growers stung by the bad publicity surrounding migrant housing closed their camps and switched to mechanical harvesting. As one grower put it It might be cheaper for me to continue using migrant help for a few more years but mechanization is the trend of the future. And no matter what kind of housing I provide I m going to be criticized for mistreating migrants. So I might as well switch now. 3 Monopsonistic Labor Markets Competition is bad for those who have to compete. Not only as producers but as employers firms would rather control competitive forces than be controlled by them. They would like to pay employees less than the market wage but competition does not give them that choice Similarly workers find that competition for jobs prevents them from earning more than the market wage. Thus doctors truck drivers and barbers have an interest in restricting competition in their labor markets. Acting as a group they can acquire .

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• The Economic Way of Thinking
• Competitive Product Markets
• Principles of Rational Behavior
• Society and Business
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