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Chapter 3
The Demand for Labor
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Figure 3.1 Demand for Labor in the Short Run (Real Wage)
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Figure 3.2 Demand for Labor in the Short Run (Money Wage)
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Figure 3.3 Effect of Increase in the Price of One Input (k) on Demand for Another Input (j), Where Inputs Are Substitutes in Production
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Figure 3.4 The Effects of Monopsony
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Figure 3.5 The Monopsonist’s Short-Run Response to a Leftward Shift in Labor Supply: Employment Falls and Wage Increases
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Figure 3.6 Minimum Wage Effects under Monopsony: Both Wages and Employment Can Increase in the Short Run
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Figure 3.7 The Market Demand Curve and Effects of an Employer-Financed Payroll Tax
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Figure 3.8 Payroll Tax with a Vertical Supply Curve
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Figure 3A.1 A Production Function
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Figure 3A.2 The Declining Marginal Productivity of Labor
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Figure 3A.3 Cost Minimization in the Production of Q* (Wage = $10 per Hour; Price of a Unit of Capital = $20)
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Figure 3A.4 Cost Minimization in the Production of Q* (Wage = $20 per Hour; Price of a Unit of Capital = $20)
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Figure 3A.5 The Substitution and Scale Effects of a Wage Increase
