# 经济代写|Microeconomics代考微观经济学代写|Course14

#### Doug I. Jones

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## 经济代写|Microeconomics代考微观经济学代写|Factor Demand Curves, Cost Function and Equilibrium

Now let us proceed to study the determination of a simultaneous equilibrium in the three markets of this economy: the labour market, the land market and the corn market. Labour is all of the same quality, land too.

For simplicity assume that the aggregate supply of labour to firms, call it $L^{}$, is rigid, that the same holds for the supply of land $T^{}$, and that there are no savings: the income of a period is entirely spent on the product of that period.

Production is carried out by firms. The person who sets up a firm and owns the residual profits, if any, after factors have been paid, is called an entrepreneur. ${ }^{6}$ The entrepreneur is not a factor of production, she/he is only the owner of the firm, who decides whether to set up the firm or close it down; if she also works in it, one separates logically the role as entrepreneur from the role as labourer (possibly as manager); as labourer, the person gets a wage; as entrepreneur, the profits.
For equilibrium to obtain, the supply of factors must be absorbed by the demand for factors. The assumption that the income of a period is entirely spent on the product of that period guarantees equilibrium in the corn market: by definition, the aggregate income per period of this economy is the value of aggregate corn production, which is distributed to some consumer or other as wages, as rents and as profits (possibly negative for some firms). Since this income is by assumption all spent in the purchase of the product, supply of corn and demand for corn are necessarily equal whatever the level of factor employment and of corn production and whichever the rate of wages and the rate of rent. What remains to be studied is the forces acting in the labour market and in the land market.

Assume initially that landlords (the owners of land) and workers are two separate groups of people, and furthermore that the landlords act as entrepreneurs, each one setting up a firm with his own land and hired wage labour. Then equality between supply and demand for land is guaranteed; the sole market where equilibrium between supply and demand must be reached by price adjustment is the labour market.

## 经济代写|Microeconomics代考微观经济学代写|Importance of Factor Substitutability

The tendency toward equilibrium simultaneously on both factor markets crucially relies on the fact that, if the amount employed of one factor is given, the demand curve for the other factor is decreasing. We have seen that this is a manifestation of the fact that the proportion $L / T$ in which firms desire to use the two factors increases if labour becomes less expensive relative to land. If $T$ is given, this means more demand for labour.

The variability of the proportion $L T$ means that one can substitute to some extent a factor with the other in the production of a certain output. Thus in this economy the reason for the existence of decreasing demand curves for factors is the existence of direct, or technological, factor substitutability. Let us clarify its importance by showing the effects of its absence.

Suppose there is no substitutability between labour and land: only one fixed-coefficients method is known for the production of corn, which requires the use of 8 units of labour and 4 units of land per unit of output, i.e. the use of the proportion $L / T=2$. If the ratio between labour supply and land supply $L^{} / T^{}$ is greater than 2 , some labour is inevitably unemployed and if as long as there is labour unemployment the wage rate decreases, since we have assumed a given labour supply the equilibrium wage rate can only be zero and land rent absorbs the entire product. If $L^{} / T^{}<2$, land is necessarily partly unemployed and $\beta$ falls to zero while wages rise to absorb the entire product. If $L^{} / T^{}=2$, the full employment of one factor entails the full employment of the other too, but income distribution is indeterminate; and the situation would in all likelihood not last, any change in population would destroy the equality. The thesis, that income distribution is determined by the tendency toward equality between supply and demand for each factor, becomes implausible: it would entail that generally one factor obtains a zero rental, against observation.

# 微观经济学代考

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## MATLAB代写

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