BAB 3:

1. BAB 3: PRODUKTIVITI, OUTPUT DAN GUNATENAGA

2. OBJEKTIF I. matlamat Bhg 2: makroekonomi gunatenaga penuh A. Analisa faktor yang mempengaruhi prestasi ekonomi dlm j/masa panjang B. membina model teori makroekonomi yang merangkumi tiga pasaran: a. pasaran buruh (Ch 3) b. pasaran barangan (Ch. 4) c. pasaran aset (Ch. 7)

3. II. matlamat bab 3 A. pengenalan kpd fungsi pengeluaran sbg faktor penentu utama pengeluaran • perbincangan daya pengeluaran buruh dan kapital sut (marginal productivity of labor and marginal productivity capital) • Analisa kejutan penawaran B. penentu permintaan dan penawaran buruh C. keseimbangan didlm model klasikal pasaran buruh 1. output pada tahap gunatenaga penuh 2. Faktor mengubah keseimbangan pasaran

4. PENGENALANKeupayaan pengeluaran sesebuah ekonomi adalah penentu utama kebajikan ekonomi tersebutJumlah pengeluaran sesebuah negara bergantung kpd dua faktor:a.kuantiti input(sumber spt buruh, modal dan bahan mentah) yg digunakan dlm proses pengeluaranb.daya pengeluaran (produktiviti) input tersebut-keberkesanan (effectiveness) penggunaan inputdaya pengeluaran sesebuah ekonomi akan menentukan pendapatan penduduk (yg bergantung kpd jumlah pekerja dan upah yang akan diterima)buruh – merupakan sumber yg paling utamaoleh itu analisa/kajian pasaran buruh adalah penting

5. model pasaran buruh adalah berasaskan kepada andaian bhw pasaran sentiasa dlm keadaan seimbang iaitu kuantiti permintaan Buruh adalah sama dgn kuantiti penawaran buruh (ND= NS) dlm realiti – ini jarang sekali berlaku BERAPA BANYAK KELUARAN SESEBUAH EKONOMI? Kuantiti barangan dan perkhidmatan yg dikeluarkan oleh sesebuah ekonomi bergantung kepada: 1.kuantiti input (faktor pengeluaran) spt buruh, bahan mentah,brg modal, tanah , tenaga kuantiti input  kuantiti output agregat

6. 1.produktiviti (daya pengeluaran faktor pengeluaran:keberkesanan dan kecekapan penggunaan input) produktiviti  kuantiti output  (kuantiti input tidak berubah) 2.teknologi dan amalan pengurusan (teknologi tinggi kos pengeluaran kuantiti output Amalan pengurusan yg cekap kuantiti output 

7. Fungsi Pengeluaran Proses pengeluaran Gabungan input output Fungsi pengeluaran adalah satu ekspresi matematik yg menghubungkan kuantiti output yang dikeluarkan dan jumlah input yg digunakan: Y = A f(K,N)dimana Y = keluaran benar (real output)dlm tempoh masa tertentu A = angka mengukur daya produktiviti keseluruhan N = kuantiti buruh digunakan(labor)dlm tempoh tersebut K = kuantiti stok modal (capital stock)

8. Symbol A : qjuga dikenali sbg produktiviti keseluruhan faktor (total productivity factor i.e.TFP) qia mengukur keberkesanan gunatenaga dan stok modal qdibezakan dr segi jangka masa pengeluaran ie. Jangka masa pendek SR (hanya bilangan buruh boleh diubah) dan jangka masa panjang LR (kuantiti semua jenis faktor boleh berubah) qfungsi pengeluaran SR:Y= A(K,N) dimana stok modal K dan A tidak berubah atau fungsi pengeluaran SR:Y= A(K,N) dimana tahap gunatenaga dan A tidak berubah  contoh : fungsi pengeluaran AS adalah Y= AK 0.3 N 0.7 ia dinamakan fungsi pengeluaran Cobb Douglas

9. Hukum Pulangan Semakin Berkurangan Mengikut Skel (diminishing return to scale) Ddlm j/masa pendek fungsi pengeluaran di pengaruhi oleh hukum pulangan semakin berkurangan mengikut skel Ddlm proses pengeluaran unit-unit tenaga buruh tidak mempunyai daya produktiviti yg sama Dsetiap unit tambahan buruh akan meningkatkan jumlah output dengan satu kadar yg berkurangan

10. Keluk Fungsi Pengeluaran dua ciri keluk pengeluaran • berkecerunan positif ; hubungan positif di antara output dan input ->input (K atau N maka Y ) • kecerunan keluk adalah mendatar apabila kuantiti input (disebabkan oleh hukum pulangan kurangan mengikut skel) setiap fungsi pengeluaran dilukis dengan mengubah kuantiti satu input sementara kuantiti input yang lain serta nilai A tidak berubah (cth Y = A f (K, N)-figure 3.01

11. Figure 3.01 The production function relating output and capital

12. daya pengeluaran buruh sut (MPN) qia adalah jumlah peningkatan output akibat daripada penambahan satu unit buruh qMPN boleh diukur dengan formula Y/N = kecerunan fungsi pengeluaran pada tahap gunatenaga berkaitan. Contoh: MPN pada gunatenaga NA(figure 3.03) qMPN adalah sentiasa bernilai positif. MPN akan berkurang apabila kuantiti buruh bertambah. Bandingkan MPN pada titik B dan C semasa tahap gunatenaga bertambah dari 30m kepada 90m

13. Figure 3.03 The production function relating output and labor

14. daya pengeluaran modal sut (MPK) : Y/K qjumlah peningkatan output akibat penambahan satu unit barang moda l qMPK pd setiap tahap stok modal diukur dgn kecerunan keluk fungsi pengeluaran pd tahap stok modal berkaitan qMPK=Y/K .Contoh: MPK pada stok modal KA(fig3.02) qMPK adalah sentiasa bernilai positif. MPK akan berkurang apabila stok modal bertambah. Kecerunan pada titik D apabila stok modal 4000 adalah kurang dari kecerunan titik B semasa stok modal berjumlah 2000.

15. Figure 3.02 The Marginal product of capital

16. KEJUTAN PENGELUARAN (SUPPLY SHOCK) Øfungsi pengeluaran kadangkala berubah Økejutan pengeluaran: adalah perubahan dlm fungsi pengeluaran sesebuah ekonomi yg tidak dijangka. ØJuga dikenali sbg kejutan produktiviti. Kejutan penawaran akan mengubah jumlah keluaran output pada tahap penggunaan input tertentu (tidak berubah).

17. Dua kemungkinan: Kejutan positif : fungsi pengeluaran beralih ke kiri /atas akan menambah jumlah output Kejutan negatif : fungsi pengeluaran beralih ke kanan/ bawah akan mengurangkan output Faktor-faktor kejutan (selain dari K dan N): i.perubahan cuaca/musim (cth kemarau) ii.perubahan teknik pengurusan iii.innovasi/ciptaan baru (cth jentera baru, komputer) iv.peraturan kerajaan (cth polisi cegah pencemaran alam)

18. Figure 3.04 An adverse supply shock that lowers the MPN

19. III. The Demand for Labor (Sec. 3.2) A. How much labor do firms want to use? 1. Assumptions a. Hold capital stock fixed—short-run analysis b. Workers are all alike c. Labor market is competitive d. Firms maximize profits 2. Analysis at the margin: costs and benefits of hiring one extra worker (Fig. 3.5)

20. Decision rule of hiring workers: a. If real wage (w) > marginal product of labor (MPN), the firm is paying the marginal worker more than the worker produces, so the firm should reduce the number of workers to increase profits b. If w < MPN, the marginal worker produces more than he or she is being paid, so the firm should increasethe number of workers to increase profits c. Firms' profits are highest when w = MPN

21. Figure 3.05 The determination of labor demand

22. B.The marginal product of labor and labor demand 1. Example: The Clip Joint—setting the nominal wage equal to the marginal revenue product of labor (MRPN = P x MPN) • W = MRPN is the same condition as w = MPN, since W = P x w and MRPN = P x MPN A change in the wage a Begin at equilibrium where W = MRPN b A rise in the wage rate means W > MRPN, unless N is reduced so the MRPN rises C A decline in the wage rate means W < MRPN, unless N rises so the MRPN falls

23. Table 3.2The Clip Joint’s Production Function Marginal Revenue marginal of Labor No of No of product of MRPN=MPN x P Workers,N dogs groomed,Y labor, MPN (when p=10) 0 0 1 11 11 >8 $110 >$80 2 20 9 90 3 27 7 >6 70 >60 4 32 5 50 5 35 3 30 6 36 1 10 note when W= 80 or w=8, ND=1 worker; when W=60 or w=6,ND=3 workers

24. SUMMARY 2Comparing the benefits and costs of changing the amount of labor To maximise profits, increase decrease the firm should employment if employment if Real termsMPN > w MPN < w (MPN>W/P) (MPN<W/P) Nominal termsP x MPN > W P x MPN < W (MRPN > W) (MRPN < W) MPN = marginal product of labor w = real wage = W/P W= nominal wage P = price of output MRPN = marginal revenue product of labor = PxMPN

25. Numerical Problem 3 sets up an example in which students calculateMPN and see what happens when the wage rate or price of the productchange . The marginal product of labor and the labor demand curve 1 Labor demand curve shows relationship between the real wage rate and the quantity of labor demanded 2 It is the same as the MPN curve, since w = MPN at equilibrium 3 So the labor demand curve is downward sloping; firms want to hire less labor, the higher the real wage

26. Factors that shift the labor demand curve • Note: A change in the wage causes a movement along the labor demand curve, not a shift of the curve • Supply shocks: Beneficialsupply shock raises MPN, so shifts labor demand curve to the right; opposite for adverse supply shock 3 Size of capital stock: Higher capital stock raises MPN, so shifts labor demand curve to the right; opposite for lower capital stock

27. Figure 3.06 aThe effect of an increase/decrease in real wage rate Real wage rate B w2 w1 A C w3 ND1 Labor,N N2 N1 N3

28. Table 3.3The Clip Joint’s Production Function After a Beneficial Productivity Shock Marginal Revenue marginal of Labor No of No of product of MRPN=MPN x P Workers,N dogs groomed,Y labor, MPN (when p=10) 0 0 1 22 22 $220 2 40 18 180 3 54 14 140 4 64 10 100 5 70 6 60 6 74 2 20

29. Figure 3.06 The effect of a beneficial supply shock on labor demand MPN1 N1

30. Summary 3Factors that shift the aggregate labor demand curve causes the labor demand curve an increase in to shift reason productivity right beneficial supply shock increases MPN and shifts MPN curve up and to the right capital stock right higher capital stock increases MPN and shifts MPN curve up and to the right

31. Aggregate labor demand (Fig. 3.5) 1 Aggregate labor demand is the sum of all firms' labor demand 2 Same factors (supply shocks, size of capital stock) that shift firms' labor demand cause shifts in aggregate labor demand The Supply of Labor (Sec. 3.3) Supply of labor is determined by individuals 1 Aggregate supply of labor is sum of individuals' labor supply 2 Labor supply of individuals depends on labor-leisure choice

32. The income-leisure trade-off 1 Utility depends on consumption and leisure 2 Need to compare costs and benefits of working another day a Costs: Loss of leisure time b Benefits: More consumption, since income is higher 3 If benefits of working another day exceed costs, work another day 4 Keep working additional days until benefits equal costs

33. Real wages and labor supply 1 An increase in the real wage has offsetting income and substitution effects a Substitution effect of a higher real wage: Higher real wage encourages work, since the reward for working is higher b Income effect of a higher real wage: Higher real wage increases income for the same amount of work time, and with higher income, the person can afford more leisure, so will supply less labor

34. 2 A pure substitution effect: a one-day rise in the real wage A temporary real wage increase has just a pure substitution effect, since the effect on wealth is negligible 3 A pure income effect: winning the lottery a Winning the lottery doesn't have a substitution effect, because it doesn't affect the reward for working b But winning the lottery makes a person wealthier, so a person will both consume more goods and take more leisure; this is a pure income effect

35. 4 The substitution effect and the income effect together: a long-term increase in the real wage a The reward to working is greater: a substitution effect toward more work b But with a higher wage, a person doesn't need to work as much: an income effect toward less work c The longer the high wage is expected to last, the stronger the income effect; thus labor supply will increase by less or decrease by more than for a temporary reduction in the real wage

36. The labor supply curve (Fig. 3.7) 1 Increase in the current real wage should raise quantity of labor supplied 2 Labor supply curve relates quantity of labor supplied to real wage rate holding other factors constant 3 Labor supply curve slopes upward because higher wage encourages people to work more Effect of increase in real wage rate, r People already working will supply more hours , working overtime Higher wage also entice people currently not in labor force to join looking for job opportunities

37. Figure 3.07 The labor supply curve of an individual worker +ve r’ship bet w and NS w2 w1 w3 N3 N1 N2

38. Aggregate labor supply 1 Aggregate labor supply rises when current real wage rises • Some people work more hours • Other people enter labor force • Result: Aggregate labor supply curve slopes upward Factors increasing labor supply • Decrease in wealth • Decrease in expected future real wage • Increase in working-age population (higher birth rate, immigration) • Increase in labor force participation (increased female labor participation, elimination of mandatory retirement)

39. Figure 3.08 The effect on labor supply of an increase in wealth

40. Labor Market Equilibrium (Sec. 3.4) Equilibrium: Labor supply equals labor demand (Fig. 3.11) 1 Classical model of the labor market—real wage adjusts quickly 2 Determines full-employment level of employment N and market-clearing real wage w 3 Factors that shift labor supply or labor demand affect Nand w 4 Problem with classical model: can't study unemployment

41. L market eqm (classical model of L market) • Equilibrium requires agg qty of labor supply NS = agg qty of labor demand ND • Classical model assume : real wage adjust quickly to equate NS and ND • Thus if NS> ND w will fall or if NS<ND workers will bid wage up • Equilibrium when NS curve intersects with ND curve at full-employment level of employment, N at corresponding equilibrium w

42. Figure 3.11 Labor market equilibrium

43. Figure 3.12 Effects of a temporary adverse supply shock on the labor market

44. Factors shifting ND or NS will cause N and w to change (FIG 3.12) • Temporary adverse SS shock decreases future marginal MPN thus ND fall • Temp shock does not affect future w thus NS curve unaffected • Result: w fall and N also fall • Classical model cannot be used to study the problem of unemployment because of its assumption that w adjust quickly/very flexible. • It implies zero unemployment because anyone willing to work at eqm w can find a job .

45. UNEMPLOYMENT (U) Classical model- not logical In reality not everyone who would like to work has a job U exists because at any time not all of society’s labor resources are actively involved in producing goods and services Measuring U (table 3.4) 3 categories of households: • a.   Employed-working • b.   Unemployed-not working but look for job • c.   not in the L force-not working and not looking for job

46. L force = employed + unemployed workers U rate : useful measure of the L market Fraction of the L force that is unemployed Participation rate : fraction of adult population in the labor force Employment ratio : employed fraction of adult population

47. Figure 3.15 Change in employment status in a typical month

48. Duration of U spell U spell: period of time a person is continuously unemployed Duration : length of time U spell lasts Duration of U spell determines hardship faced by the unemployed-eg a week’s pay or degrading living std, exhausted savings or assets Causes of U U is a permanent feature of an economy eventhough in times of prosperity. Reason: 2 types of U that always exist preventing the U rate to be zero

49. a.frictional U (Pengangguran geseran) • exist because worker/employers are always searching for suitable candidates • problem: neither job nor workers are identical eg. Talents, skills, experience, goals, logistics, working condition, pay, benefits, expectations. • Thus time is needed for the purpose of searching • Jobs are continuously being created and destroyed, workers continuously enter/leave the industry. • Fric U – problems of matching

50. b.structural U (Pengangguran struktur) i.e. long term and chronic U exist even when eco is not in recession 2 reasons why structural U exists: i. unskilled/low-skilled workers unable to obtain desirable long term jobs which offers low pay or little training opportunities or advancement. problems such as inadequate education, discrimination, language barriers makes them chronically unemployed ii reallocation of labor from shrinking industries or depressed regions to areas which are growing. Possibly due to changes in dd structure (products no longer in dd/ ind are no longer competitive). To prevent U- need to match workers losing job fr declining industry with jobs in growing industry- need time for relocation/retraining