Title: Fifth%20Edition%20Economics
1Fifth EditionEconomics A Contemporary
Introduction William A. McEachern Resource
Markets
2Exhibit 1 Resource Market for Carpenters
3Exhibit 2 Market for Carpenters in Alternative
Uses Home Building and Furniture Making
4Exhibit 3a Opportunity Cost and Economic Rent
(All Resource Returns are Economic Rent)
5Exhibit 3b Opportunity Cost and Economic Rent
(All Resource Returns are Opportunity Costs)
6Exhibit 3c Opportunity Cost and Economic Rent
(Resource Returns are Divided Between Economic
Rent and Opportunity Cost)
7Exhibit 6a Market Equilibrium For a Resource and
the Firms Employment Decision (Market)
8Exhibit 6b Market Equilibrium For a Resource and
the Firms Employment Decision (Firm)
9Exhibit 7 Functional Distribution of Income
Percentage Share of Each Source of National
Income by Decade
Source Irving Kravis, Income Distribution
Functional Shares. International Encyclopedia of
Social Sciences 7 (Free Press, 1968), and
Economic Report of the President, February 1999.