ECON 305 Lecture Notes - Marginal Product, W. M. Keck Observatory, Real Wages

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For problem sets, also look at previous notes. Unemployed- not employed but looking for a job. Labor force- amount of labor available for producing goods and services (u + employed) Not in the labor force- not employed, not looking for work. Labor force participation rate, % of adult pop that is in labor force. Involuntary part-time workers- individuals who would like a full-time hob but are working part time. Also need to look at eq in goods and loanable funds market. K= capital (tools, machines, structures used in production) Returns to scale- scale all inputs by same factor z (if z=1. 2 all inputs are increased by 20%) If constant returns to scale y2 = zy1 decreasing returns to scale, y2 < zy1, increasing returns to scale, y2 > zy1. We assume tech is fixed, economy"s supply of k and l is fixed (they are all exogenous) (bar over top means its given)

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