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Unformatted text preview: Changes in supply of other factors (fixed inputs) Factor Supply What determines peoples willingness to supply factors of production? Example of labor supply: Supply of labor depends on willingness to trade work for leisure Backward bending supply curve- at a point you realize you dont need to work as much Shifts in Labor Supply Curve Changes in preferences/norms (women in the workforce) Change in population Changes in Wealth Changes in employment opportunity...
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This note was uploaded on 03/30/2008 for the course AAEC 1006 taught by Professor Mjellerbrock during the Spring '07 term at Virginia Tech.
- Spring '07