ECON 1B03 Lecture Notes - Lecture 33: Demand Curve, Marginal Revenue, Opportunity Cost

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ECON 1B03 Full Course Notes
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ECON 1B03 Full Course Notes
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Changes to labour demand: a change in w: a movement along the labour demand curve (along curve, shift factors. Changes in p of goods since d = mrp = mpl. If p goes up, demand goes up, curve shifts right. If p goes down, demand goes down, curve shifts left. If something changes the mpl the curve will shift. A shortage of plastic at a water bottle facility. Advances the increase the mpl will shift d. Want to make labour better, not replace workers. The supply of labour: curve reflects workers" decisions about labour versus leisure (not paid) and tradeoffs in opportunity cost. Opportunities cost of leisure is an hour"s wage, higher amount of wage- the most expensive leisure becomes: a change in q: is a movement along the labour supply curve, shift factors. Women wanting to work outside the home after ww2 increase the supply of labour at all wage levels.

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