Define the value of marginal product of high-skilled workers

Assignment Help Microeconomics
Reference no: EM131614606

Question: The following figure shows the market for lows killed labour.

413_3.png

The value of marginal product of high-skilled workers is $16 an hour greater than that of lows killed workers at each quantity of labour. The cost of acquiring human capital adds $12 an hour to the wage that must be offered to attract high-skilled labour. Compare the equilibrium wage rates of lows killed labour and high-skilled labour. Explain why the difference between these wage rates equals the cost of acquiring human capital.

Reference no: EM131614606

Questions Cloud

Discuss the major toxicological concerns : Discuss the major toxicological concerns, including possible sources of exposure, symptoms of toxicity, and health risks to humans.
What suggestions can you offer for improvement of the course : What is your opinion of this course? Did it meet your expectations? What suggestions can you offer for improvement of this course for future students?
What is the probability that x assumes a single value : Let x be a continuous random variable. What is the probability that x assumes a single value, such as a (use numerical value)?
Define the methods and style of management : When a police department implements community-oriented policing they must change the organizational structure and the methods and style of management
Define the value of marginal product of high-skilled workers : The value of marginal product of high-skilled workers is $16 an hour greater than that of lows killed workers at each quantity of labour.
Explain trial under michigans causing death : Jim is arrested and put on trial under Michigan's causing death while operating a motor vehicle while intoxicated
Discuss the exposure limits of the toxicant : Select a toxicant that can be classified as an air, water or soil pollutant, or an organic solvent. Discuss the exposure limits of this toxicant.
Signs and symptoms vary in male patients : How can females prevent UTI's?Do signs and symptoms vary in male patients? What are the risk factors for men?
State the importance of divergent evolution to organisms : Name the process through which free atmospheric nitrogen is converted into nitrates. State the importance of divergent evolution to organisms

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd