In class students took a quiz on oligopolies and monopolistic competition. Afterwards, we moved from product markets (ex. monopoly, oligopoly, monopolistic competition and perfect competition) to factor (inputs) markets (CELL - Capital, Land and Labor).
Students reviewed the production function and calculated the marginal product of labor. The final model we looked at was the value of the marginal product of labor which is a firms demand curve for labor - which is derived from the product market. A firm will hire workers up to a point where VMPL = W (W = Wage).
The notes are attached and the homework is listed below.
Notes - Introduction to Factor Markets
HW - Read Modules 71-73
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