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PAM_2000_Fall_2008_Chapter_15

PAM_2000_Fall_2008_Chapter_15 - Title Solidarity Forever...

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1 • Title: Solidarity Forever • Artist: Pete Seeger Economic concept: labor union as cartel, need for cartel enforcement and cooperation to increase producer (labor) surplus Representative lyrics: When the union's inspiration through the workers' blood shall run, There can be no power greater anywhere beneath the sun; Yet what force on earth is weaker than the feeble strength of one, But the union makes us strong. PAM 200: Intermediate Microeconomics Prof. John Cawley Chapter 15: Factor Markets and Vertical Integration
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2 Where We Are Consumer Theory Individual Demand Market Demand Theory of Production Costs of Production Perfect Competition Imperfect Competition: Monopoly Monopolistic Competition Oligopoly Prices General Equilibrium Market Imperfections Factor Markets Strategy Game Theory Outline Competitive factor market How a firm can choose optimal quantity of a factor How changes in output prices affect factor demand Factor market equilibrium • Monopsony Vertical Integration
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