Chapter 3 Government Control of Prices in Mixed Systems: What Are the Actual Outcomes? Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.

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Presentation transcript:

Chapter 3 Government Control of Prices in Mixed Systems: What Are the Actual Outcomes? Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

3-2 Price Controls Price Ceilings Price Floors

3-3 S S D D A B Rent Control Rent per unit $ Quantity (thousands of units per year)

3-4 S S Rent Control Rent per unit $ Quantity (thousands of units per year) D D S1S1 S1S D1D1 D1D1

Minimum Wages - Market Demand for Labor Wage rate ($)D D (Quantity (thousands of hours per week) 3-5

The Demand for Labor by One Employer (1)(2)(3)(4)(5) Units of Labor Total Production Marginal Product Marginal Revenue Marginal Revenue Product MRP = (3) x (4) $.50$ $ $ $ $ $ $

3-7 The Demand for Labor by One Employer Quantity of Labor

3-8 Market Supply of Labor Wage rate ($) S S Substitution Effect Income Effect Quantity (thousands of hours per week)

3-9 Effects of the Minimum Wage Quantity (thousands of hours per week) Wage rate ($)D D S S

3-10 Alternative Analysis of the Minimum Wage Quantity (thousands of hours per week) Wage rate ($)D D S S

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