Factor Market Quiz 12/15
Post date: Dec 14, 2011 1:26:27 PM
Quiz Thursday 12/15. 25 Questions.
You may use all of your completed APE's (44-49) for the unit quiz.
There will be an abbreviated review tonight from 9:30-10:00 on the following link:
LIVE QUESTION TOOL CHOOSER LINK Be sure to choose "BGFactor" discussion
Additionally, a GREAT link is here to help review--CLICK HERE
An assortment of resources are available online as well--CLICK HERE
Some additional direct study tips:
1. Definiton of derived demand
2. DMR, marginal productivity, and marginal revenue product
3. How to calculate MRP (marginal revenue X marginal product)
4. Profit maximizing hiring (MRP=MRC[wage])
5. The demand (firms) and supply (households) of labor.
6. Perfectly competitive product market vs. imperfect competitor
7. The cost minimizing combination of labor, capital and/or land.
8. Read the imperfect labor market graph (monopsony)
9. Rent: economic rent (rental rate)
10. Minimum wage and effects