Unit Five: Factor and Labor Markets
1. Discussed today's reading: physical and human capital; allocation of resources; factor distribution of income; derived demand. Homework: read pp. 284-92; Answer and Look #1 & 2, p. 292; read excerpt from Hernando deSoto's The Mystery of Capital and complete a Clarifying and Summarizing worksheet, which is due Thursday; and Activity 4-2: Optimal Combination of Resources, which is due Thursday, too. [4/6]
2. Discussed today's reading: marginal product of labor (MPL); value of the marginal product of labor (VMPL); MPL curve; factor demand; marginal productivity theory of income distribution; rental rate; market labor demand and supply; derived demand. Homework: Read pp. 293-298; Activity 4-1 (How Many Workers Should a Fire Hire?) and Activity 4-3 (Only Game in Town(, both of which are due on Friday. Extra credit, Activity 45 (Derived Demand). Received review packet for Unit 5 Exam next week on April 10th. [4/9]
3. Discussed today's reading: wage disparities; efficiency wages; compensating differentials; unions; and discrimination. Homework: Read pp. 298-302; -due Monday; Activities 4-4 (Factor Market Pricing), due Monday; Extra Credit, Answer #7 and 9, p. 304; Activity 4-7 (Problems Dealing with Factor Markets)--both due 4/10 (next Thursday). [4/10]
4. Discussed today's reading: work versus leisure; time allocation; individual labor supply curve; monopsony; shifts in labor supply. Homework: Read pp. 312-16, 316-25; Answer and Look #1, p. 316; Activities 4-5 (How Wages Are Determined. . . ) and 4-6 (Wages and Employment in Competitive and Monopsonistic Markets), both due Tuesday; extra credit, Activity 56 (Monopsonistic Labor Markets). [4/11]
5. Discussed today's reading maximization of total surplus; property rights; economic signal; market failure; competitive market economy; general equilibrium; economic efficiency; efficient allocation of resources. Homework: Read pp. 325-329; Activity 50 (Economic Rent) due Wednesday. [4/12]
6. Discussed today's reading: fairness and economic equity; utility possibility frontier; efficiency versus equity; economic rent; rent-seeking behavior; Lorenz Curves and Gini Coefficients. Homework: Answer and Look #1 and 2, p. 329; Activity 5-7: Lorenz Curves and Gini Coefficients--due Friday. [4/13]
7. Review for Unit 5 exam on factor and labor markets, which will be on Thursday (multiple-choice) and Friday (free response). [4/16]
8. Unit 5 free response exam on factor and labor markets. All late work due by 4PM on Friday. [4/17]
9. Unit 5 multiple-choice exam on factor and labor markets. All late work due today by 4PM. Read pp. 455-461; Answer and Look #1 and 2, page 461. [4/18]
2. Discussed today's reading: marginal product of labor (MPL); value of the marginal product of labor (VMPL); MPL curve; factor demand; marginal productivity theory of income distribution; rental rate; market labor demand and supply; derived demand. Homework: Read pp. 293-298; Activity 4-1 (How Many Workers Should a Fire Hire?) and Activity 4-3 (Only Game in Town(, both of which are due on Friday. Extra credit, Activity 45 (Derived Demand). Received review packet for Unit 5 Exam next week on April 10th. [4/9]
3. Discussed today's reading: wage disparities; efficiency wages; compensating differentials; unions; and discrimination. Homework: Read pp. 298-302; -due Monday; Activities 4-4 (Factor Market Pricing), due Monday; Extra Credit, Answer #7 and 9, p. 304; Activity 4-7 (Problems Dealing with Factor Markets)--both due 4/10 (next Thursday). [4/10]
4. Discussed today's reading: work versus leisure; time allocation; individual labor supply curve; monopsony; shifts in labor supply. Homework: Read pp. 312-16, 316-25; Answer and Look #1, p. 316; Activities 4-5 (How Wages Are Determined. . . ) and 4-6 (Wages and Employment in Competitive and Monopsonistic Markets), both due Tuesday; extra credit, Activity 56 (Monopsonistic Labor Markets). [4/11]
5. Discussed today's reading maximization of total surplus; property rights; economic signal; market failure; competitive market economy; general equilibrium; economic efficiency; efficient allocation of resources. Homework: Read pp. 325-329; Activity 50 (Economic Rent) due Wednesday. [4/12]
6. Discussed today's reading: fairness and economic equity; utility possibility frontier; efficiency versus equity; economic rent; rent-seeking behavior; Lorenz Curves and Gini Coefficients. Homework: Answer and Look #1 and 2, p. 329; Activity 5-7: Lorenz Curves and Gini Coefficients--due Friday. [4/13]
7. Review for Unit 5 exam on factor and labor markets, which will be on Thursday (multiple-choice) and Friday (free response). [4/16]
8. Unit 5 free response exam on factor and labor markets. All late work due by 4PM on Friday. [4/17]
9. Unit 5 multiple-choice exam on factor and labor markets. All late work due today by 4PM. Read pp. 455-461; Answer and Look #1 and 2, page 461. [4/18]