microeconomiceconomicsoftheenvironment(编辑修改稿)

microeconomiceconomicsoftheenvironment(编辑修改稿)内容摘要：

sferable quotas (ITQs). 169。 2020 Pearson AddisonWesley The Tragedy of the Commons Property Rights By converting the mon resource to private property, fishers face the full social cost of their actions. The marginal social cost curve bees the supply curve and the resource is used efficiently. 169。 2020 Pearson AddisonWesley The Tragedy of the Commons Production Quotas By setting a production quota at the efficient quantity, the resource might be used efficiently. Figure shows the profit on the marginal ton of fish. A fisher who cheats will increase his profit. There is an incentive to overfish. 169。 2020 Pearson AddisonWesley The Tragedy of the Commons Individual Transferable Quotas An individual transferable quota (ITQ) is a production limit that is assigned to an individual who is free to transfer (sell) the quota to someone else. A market in ITQs emerges. If the efficient quantity of ITQs is assigned, the market price of an ITQ confronts resource users with a marginal cost equal to MC + price of ITQ. With MC + price of ITQ equal to MSB, the quantity produced is efficient. 169。 2020 Pearson AddisonWesley The Tragedy of the Commons Figure shows the situation with an efficient number of ITQs. The market price of an ITQ increases the marginal social cost to MC + price of ITQ. Users of the resource make MSB equal MC + price of ITQ, and the oute is efficient. 169。 2020 Pearson AddisonWesley 169。 2020 Pearson AddisonWesley 18 MARKETS FOR FACTORS OF PRODUCTION 169。 2020 Pearson AddisonWesley 169。 2020 Pearson AddisonWesley You know that wage rates vary a lot: A server at McDonald’s earns $8 an hour. Demetrio Luna who cleans the windows of Houston’s highrise buildings makes $12 an hour. Richard Seymour, who plays for the New England Patriots, collects a cool $25 million a year. What determines the wages that people earn? The price of oil became a big issue in 2020 as new record highs were set. What determines the prices of the natural resources that we use to produce goods and services? 169。 2020 Pearson AddisonWesley The Anatomy of Factor Markets –Four factors of production are  Labor  Capital  Land (natural resources)  Entrepreneurship  Let’s take a look at the markets in which these factors of production are traded. 169。 2020 Pearson AddisonWesley –Market for Labor Services –Labor services are the physical and mental work effort that people supply to produce goods and services. –A labor market is a collection of people and firms who trade labor services. –The price of labor services is the wage rate. –Most labor markets have many buyers and many sellers and are petitive. In these labor markets, the wage rate is determined by supply and demand. The Anatomy of Factor Markets 169。 2020 Pearson AddisonWesley –Market for Capital Services –Capital consists of the tools, instruments, machines, buildings, and other constructions that have been produced in the past and that businesses now use to produce goods and services. –These physical objects are capital goods and capital goods are traded in goods markets. This market is not a market for capital services. –A market for capital services is a rental market—a market in which the services of capital are hired. The Anatomy of Factor Markets 169。 2020 Pearson AddisonWesley –Markets for Land Services and Natural Resources –Land consists of all the gifts of nature—natural resources. The market for land as a factor of production is the market for the services of land—the use of land. –The price of the services of land is a rental rate. –Nonrenewable natural resources are resources that can be used only once, such as oil, natural gas, and coal. –The prices of nonrenewable natural resources are determined in global modity markets. The Anatomy of Factor Markets 169。 2020 Pearson AddisonWesley –Entrepreneurship –Entrepreneurship services are not traded in markets. –Entrepreneurs receive the profit or bear the loss that results from their business decisions. The Anatomy of Factor Markets 169。 2020 Pearson AddisonWesley –The demand for a factor of production is a derived demand—it is derived from the demand for the goods that it is used to produce. –The quantities of factors of production demanded are a consequence of firms’ output decisions. –A firm hires the quantities of factors of production that maximize its profit. –The value to the firm of hiring one more unit of a factor of production is called the value of marginal product. The Demand for a Factor of Production 169。 2020 Pearson AddisonWesley –Table shows the calculation of VMP. –From the firm’s total product schedule, calculate the marginal product of labor. The Demand for a Factor of Production 169。 2020 Pearson AddisonWesley –VMP equals marginal product of labor m。