ECN 2802 Final Exam Review
Fall 2005
Dr. Dao
- Opportunity Cost and Economic Rent When Supply is Perfectly Inelastic
- Total Resource Earnings
- Economic Rent as represented on a graph
- Demand curve for a resource
- MRP of labor: calculation when product price is constant and when it
is changing
- Rule for employing a resource
- Marginal resource cost curve when firm is price taker in resource market
- Resource supply curve faced by firm that hires resources in a perfectly
competitive resource market
- Shifts in demand for resource
- Effect of improvement in technology on MRP and on level of employment
- Effect of product price on demand for a resource that produces the product
- Rule for allocating time to maximize utility
- Income and substitution effects of a change in wage rate
- Nonwage Determinants of Labor Supply
- Market Supply of Labor
- Why Wages Differ
- Costs of a Strike
- How Unions can Increase Their Wage Rates
- Union Strategy that will increase Wages but also Unemployment
- Labor Supply Curve with a Union's Wage Floor
- Graph showing Union that Reduces Labor Supply
- How Craft Unions try to increase Wages
- Ways to Restrict Union Membership
- Ways to increase Demand for Union Labor
- Effects of Increase in Demand for Union Labor on Wage and Employment
- Featherbedding
- Recent Trends in Union Membership
- Public, Private Goods and In-Between
- Employees with Highest Union Membership rates in U.S.