A firm's marginal product revenue curve발음듣기
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A firm's marginal product revenue curve
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Narrator: What we're going to do in this video is dig a little bit deeper into labor markets.발음듣기
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We're really just going to reapply concepts that we've already seen before and maybe use slightly different words, but the reason why labor is interesting is labor is one of the factors of production.발음듣기
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Unlike in most markets, if we're talking about the computer markets, let me write over here.발음듣기
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It's coming from, I'll just call it, individual people while the supply is coming from firms, is coming from firms.발음듣기
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In the labor market the demand is coming from firms, these are the people who need labor, who are hiring the labor, so this is coming from firms and the supply is coming from individual people.발음듣기
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What's interesting about that is because the demand is coming from firms, in the past, when the supply was coming from firms, we could look at a firms cost structure and we could come up with a supply curve from that.발음듣기
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Now that the demand is coming from firms, we can look at a firms, essentially their revenue structure, how much incremental revenue do they get per extra employee and we could actually generate a demand curve, their marginal benefit curve, by looking at their business a little bit closer.발음듣기
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These aren't any fundamentally new ideas, we just applying them in a slightly different way and we'll use slightly different words.발음듣기
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Let's say the equilibrium price in this market for competitive car washes is $5 per car wash, $5 per car wash.발음듣기
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Just as a little bit of review, that also means, remember, this is a competitive firm, not a monopoly, that my marginal revenue is equal to a constant $5 per car wash.발음듣기
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Let's say that I find if I have one person that person can wash 5 cars per hour by him or herself.발음듣기
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The quantity of labor we can have 1, 2, 3, 4, or 5 people and this is actually zero people right over here and my total product goes all the way up to 15.발음듣기
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If I have 2 people I can wash 9 cars per hour, 2 people I can wash 9 cars per hour, 3 people, I can was 12 cars per hour, 3 people I can wash 12 cars, that's about right there.발음듣기
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Four people, I can wash 14 cars per hour, 4 people, 14 is right about there and then finally I will do this ... well let's see. I'm already using a lot of my colors.발음듣기
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So, total product is a function of quantity of labor it will look like a curve that looks something like this.발음듣기
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I could just connect the dots or I could make it look a little bit more curvy, so it's going to look something like that.발음듣기
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One way that we should think about it, as you'll see in economics when you always want to think about how much you want to produce or how much you want to hire, you always want to think about how much benefit are you getting for that incremental thing when you're thinking about your cost structure.발음듣기
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When you're thinking about your benefits or your demand, you're thinking, how much benefit am I getting from that incremental unit?발음듣기
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Sometimes in some economics text books I've seen this referred to as MPL, marginal product of labor.발음듣기
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So, when we go from zero people to 1 person, on average between those 2 points over there, we're able to ... our delta, our change.발음듣기
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We can view that as the average marginal product, or you can kind of view that as marginal product halfway between these or you could view that as the average marginal product between those two points right over there.발음듣기
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So, I'll draw this one a little bit more flat, so I have space, which I can scroll down a little bit.발음듣기
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So, in this axis I'm going to do marginal product of labor and then on this axis I'm going to have the quantity of labor.발음듣기
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So, this point right over here, this point right over here, that's the marginal product of labor, halfway.발음듣기
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You could view this as a slope halfway between zero and 1 or you could view this as the average slope from zero to 1.발음듣기
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Then halfway between 1 and 2, my marginal product of labor, I go from 5 cars washed per hour to 9, so my marginal product of labor is 4.발음듣기
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So, between 1 and 2 my marginal product of labor is 4 and then between 2 and 3, my marginal product of labor, I go from 9 car washes, cars washed per hour to 12.발음듣기
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So, I have 3 incremental cars washed by adding that third person, so the average that you could view that as the slope right over there is going to be 3.발음듣기
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I didn't make this completely to scale and then, these are a little bit more bunched up down here, but let's just keep going.발음듣기
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Then from going from 3 to 4, the marginal product of labor, I'll go from 12 cars washed to 14, so I get 2 extra cars washed by adding that fourth person,발음듣기
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so between 3 and 4 I get an incremental, on average, 2 cars for that extra person and then finally between 4 and 5, I get one extra car.발음듣기
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I'm going to get, it looks a little bit like a curve here because I bunched up the measurements, but this really should be a line.발음듣기
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Now, what we can think about is, because this by itself, this is telling us the marginal benefit in terms of cars washed, but this doesn't tell us the marginal benefit in terms of dollars.발음듣기
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To do that we need the marginal product revenue or you could call it the value of the marginal product of labor.발음듣기
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We could call this the MPR, for marginal product revenue or we could view that as the value of the marginal product of labor,발음듣기
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but essentially we're saying okay, if we're washing 5 extra cars from that first person and I'm going to get $5 per car wash.발음듣기
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Then I'm going to make $25 on those incremental 5 cars and if I wash 4 more cars, 4 times 5, I'm going to make $20 extra dollars.발음듣기
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This is times 5, times 5, times 5, times 5 and if I wash one extra car, times $5 per car, I'm going to make $5 extra.발음듣기
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So, essentially we could take every point on this curve and we could multiply it by 5 to get our marginal product of revenue or marginal product revenue.발음듣기
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So let me plot that and I'll try to plot that a little bit neater so it's clear that this is a line.발음듣기
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So, 1 is right over there, 2 is right over there, 3 is there, 4 is there, and 5 is there. 1, 2, 3, 4, 5.발음듣기
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Then, when we go to this point right over here we're getting $20. That's this right over there.발음듣기
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This is 15 right over there and then halfway between 3 and 4 people it's $10, halfway between 3 and 4 it is $10,발음듣기
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so it's going to look something like this and then halfway between, finally between 4 and 5, it is $5, it is $5.발음듣기
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We picked kind of the mid-point, the slope at those points or the average slope between zero and 1,발음듣기
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but if you assume this curve has a continuous slope the slope changes continuously, then this will be a line and then this will be a line as well.발음듣기
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So, our line will look something like that and what's neat about this line is essentially, this is the marginal benefit curve.발음듣기
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