Study Guide for Final Exam_FALL07

Study Guide for Final Exam_FALL07 - Study Guide for Final...

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Unformatted text preview: Study Guide for Final Exam Exam Part I. See Study Guide for Midterm Exam for the first part of the class (you will be tested on general concepts and topics). Documentaries seen in class are not included. Part II. Chapter IV. The Demand for Labor in the SR ** Concepts of productivity (Marginal Product of Labor), Marginal Revenue, Marginal Revenue Product. Rule for optimum demand of labor in short run (optimization rule). Economic meaning of optimization rule. Review problems seen in class and homework assignments. Criticisms of the theory of labor demand (as seen in class). Example of cases where MRP L is not equal to W. The elasticity of labor demand (concept, elastic-inelastic, factors that affect elasticity, computation of elasticity). Relationship between elasticity and slope of labor demand curve (mathematical relationship as discussed in class). The demand of labor over the business cycle (layoff versus cuts in hours, what happens in recession or booms with labor demand by industry, which industries...
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This note was uploaded on 04/09/2008 for the course HOD 2260 taught by Professor Basay during the Fall '07 term at Vanderbilt.

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Study Guide for Final Exam_FALL07 - Study Guide for Final...

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