无保留用途的要素垄断

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注意：教育可能使福利减退。

今天的课就上到这里。

资料图片来自UCLA课程Winter 2001: Econ 101, Advanced Microeconomics, TA: Acosta, Becky

如果有文字注解

那就更好了

呵呵！！！！

替代效应与收入效应

Like with a price change for any other good, we can decompose the total change into two effects: the substitution effect and the income effect. The substitution effect tells us how the price change causes us to substitute one good for another, keeping our utility constant. Since utility stays constant, we are moving along our original indifference curve until we get to where the slope is equal to our new price ratio, which is equal to our new wage. This is like finding where our indifference curve is tangent to a line that is parallel to our new budget constraint. This is reflected by moving from point A to B on the graph below. Since leisure is now more expensive, we substitute income for leisure: Leisure decreases, so hours worked increases.

The income effect shows how we react to a perceived change in income. Since our wage went up, we feel richer, like we got an income transfer. Graphically, this is reflected by moving from the line with slope w' tangent to our original indifference cure, to the real new budget constraint (a parallel shift, reflecting an income increase). Since leisure is a normal good, we consume more of it when income increases, thus we work less. The income effect is shown by moving from point B to C on the graph. In the case I've drawn, the substitution effect is larger than the income effect, so the decrease in L due to the S.E. is larger than the increase in L due to the I.E. So, the net effect is that we decrease L and work more when wage increases.

This is not always the case. Sometimes, I.E.> S.E. and we get that the net effect of a wage increase is to increase leisure demand, decreasing hours worked. This would be shown in the graph below: Again, A to B is the Substitutuion effect and B to C is the Income effect.

劳动供给曲线

Now we that we've seen what can happen when the wage increases, we can do this for all possible wages. We change wage and then see what new equilibrium amount of leisure, and therefore hours of work, is chosen. If we draw a line connecting all the tangency points, we will get what's called the price expansion path. It shows all the choices of leisure (and thus work) as we expand the price of leisure, i.e., increase the wage.

If we plot all the combinations of wage and hours worked from the price expansion path, we get our individual labor supply curve.

Note that it is backward bending above a certain wage. The part where it is upward sloping represents where the substitution effect outweights the income effect. The backward bending part occurs when the income effect becomes bigger than the substitution effect, causing us to work less when wages increase.

One other graph to describe: the income expansion path. This just traces out how leisure demand (and hence work) changes when income is increased. As both leisure and income are normal goods, we want more of both as income increases.

无保留用途的要素垄断

Assume there are no reservation uses for labor. That means that the job market you are looking at is the only one you can sell your labor in. You have no other revenue-earning uses for your labor. Then a plot of the Total Revenue Income (TRI) that you can earn by selling your labor will look like the graph below. Since there are no alternative uses for your labor, there are no opportunity costs associated with it. Thus, the "total profit" from your labor is simply the TRI. To maximize TRI, you want to be at the top of the TRI curve, at labor=L*. (R-bar is the maximum amount of leisure time available to you, so it is also the maximum amount of hours you can work).

If you draw a line from the origin to any point along the TRI curve, the slope of that line is Average Revenue Income (ARI). A plot of all of these points will give you an ARI curve, which would also represent the Demand curve for your labor. This is because ARI is like how much of a wage you can get at each level of labor. Since we are assuming that you are a monopolist in this labor market (because you have some unique skill), your marginal revenue income curve lies below the demand curve (just like in any other monopoly). That is because if you want to work one more hour (i.e., sell one more hour of labor), you have to lower the price you are offering to the demanders. But you can't just get a lower wage on that marginal hour--you have to lower your wage for all hours worked. Thus, the marginal revenue you get from working an extra hour is less than the wage you get for that extra hour (due to the lower wage received from hours already offered).

To find where you earn maximum profits, we need to find where MRI=MRS, where MRS is just the marginal rate of sbstitutuion in resource supply. MRS reflects the opportunity costs of using your labor in this particular usage. Since there are no opportunity costs of labor (since there are no reservation uses), MRS=0. So to maximize profits, just set MRI=0. This is also where TRI is maximized (since there are no costs, profits are maximized by maximizing revenue). Once we have found L*, we go up to the demand curve to find equilibrium monopoly wage, w*.