By N. Gregory Mankiw
Mankiw’s Macroeconomics has been the #1 e-book for the intermediate macro direction because the ebook of the 1st variation. It continues that bestselling prestige by way of continuously bringing the forefront of macroeconomics idea, examine, and coverage to the study room, explaining advanced strategies with unparalleled readability. This new version is not any exception, with Greg Mankiw including rising macro themes and frontline empirical learn experiences, whereas enhancing the book's already exemplary concentrate on educating scholars to use the analytical instruments of macroeconomics to present occasions and regulations.
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Compare the answers given by the Laspeyres and Paasche price indices. Explain the difference. 2 The Data of Macroeconomics | 39 the deflator for each year. How does the deflator change from year 1 to year 2? e. Suppose that Abby is equally happy eating red or green apples. How much has the true cost of living increased for Abby? What does this example tell you about Laspeyres and Paasche price indexes? 8. Consider how each of the following events is likely to affect real GDP. Do you think the change in real GDP reflects a similar change in economic well-being?
To maximize profit, the firm continues to rent more capital until the MPK falls to equal the real rental price: MPK = R/P. The real rental price of capital is the rental price measured in units of goods rather than in dollars. To sum up, the competitive, profit-maximizing firm follows a simple rule about how much labor to hire and how much capital to rent. The firm demands each factor of production until that factor’s marginal product falls to equal its real factor price. The Division of National Income Having analyzed how a firm decides how much of each factor to employ, we can now explain how the markets for the factors of production distribute the economy’s total income.
Hence, the MPL schedule is also the firm’s labor demand curve. figure 3-4 The Marginal Product of Labor Schedule The mar- Units of output ginal product of labor MPL depends on the amount of labor. The MPL curve slopes downward because the MPL declines as L increases. The firm hires labor up to the point where the real wage W/P equals the MPL. Hence, this schedule is also the firm’s labor demand curve. The marginal product of capital (MPK ) is the amount of extra output the firm gets from an extra unit of capital, holding the amount of labor constant: MPK = F(K + 1, L) − F(K, L).