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MARGINAL REVENUE PRODUCT SCHEDULE: A table showing the relation between marginal revenue product and the quantity of variable input employed by a firm. Such a schedule can be used to derived the marginal revenue product curve.
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 8 of 24
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- The notion of derived demand plays an important role in a number of issues:
- Health Care and Education: The wage paid to each type of doctor depends on the demand for the factor, which in turn is derived from the demand for the output produced.
- Overpaid Athletes: The wage paid to a professional athlete once again depends on factor demand, which is derived from the demand for the output produced.
- The Farm Problem: The demand for the factor services provided by farmers depends on the demand for farm products.
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ECONOMICS OF UNCERTAINTY The study of the role that uncertainty plays in the economy and in the allocation of resources, with special attention paid to the analysis of risk. Key topics in this area of study and analysis are risk preferences (aversion, neutrality, and loving) and the provision of insurance. This study of the economics of uncertainty is part of the broader study of the economics of information.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for high interest rates.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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JPE
Journal of Political Economy
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