The Factor (Resource) Market Worksheet - Unit V

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1. _____/15
2. _____/20
3. _____/15
4. _____/25
Total: ______/75
Name: __________________________
Team: __________________________
AP Microeconomics Unit V: The Factor (Resource) Market
Problem Set #5
1. ( ____/15) Define the term and explain a situation that demonstrates the ‘real world’ application of each
of the following. Make sure your example clearly demonstrates your understanding of each concept.
a. Derived Demand ( ____/5)
b. Marginal Revenue Product (MRP) and Marginal Resource Cost (MRC) ( ____/5)
c. Monopsony ( ____/5)
2. ( ____/20) Use the chart regarding a perfectly competitive Yo-Yo factory to complete the following:
a. Fully explain why the number of yo-yos produced increases at a decreasing rate as more workers are
hired. Identify and explain the three stages of returns. ( ____/5)
b. Explain how a firm decides how many workers to hire. If the wage was constant at $10 per day,
how many workers should be hired? Explain how you got your answer. ( ____/5)
c. PLOT the labor demand and labor supply for this firm. Compare it to a firm in a perfectly
competitive PRODUCT MARKET. Explain why suppy is constant and why demand is downward
sloping. (____/5)
d. Assume there is an increase in demand of yo-yos and they are now $3 each. Explain how the level
of employment will be affected. How many workers should be hired? Why did it change? ( ____/5)
Number of
Output
Marginal
Price of
Total
Marginal
Workers
(Quantity)
Product
Yo-Yos
Revenue
Revenue Product
0
0
-----
$2
----
1
10
2
25
3
45
4
60
5
70
6
77
7
81
8
82
9
80
3. ( _____/15) Worksheets and handouts
a. “How Wages are Determined in Competitive Labor Markets.” (____/5)
b. How Markets Allocate Resources” (____/5)
c. Push-up Machine Handout (____/5) (in class – ATTACH to the problem set
4. ( _____/25) Complete the practice FRQs.
a. FRQ #1 (____/7) b. FRQ#2 (_____/6) c. FRQ#3 (____/6) d. FRQ#4 (____/6)

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