Wages and labor supply: equivalent to the utility , Microeconomics

Assignment Help:

Labor cannot be divided from the human being who provides it.  The result of the inseparability of labor from the people who gives it, is that the wage for the last hour worked must be equivalent to the utility lost from the use of that hour for leisure activities (all other activities except work.)   Further, because labor is given by people who are also consumers, the wage variable (the price of labor in a labor market) is somewhat more complicated than prices in product markets. 

 


Related Discussions:- Wages and labor supply: equivalent to the utility

Pure monopoly, advantage dis advantage of pure monopoly

advantage dis advantage of pure monopoly

Monopolist, if a monopolist makes economic profits, new firms enter the mar...

if a monopolist makes economic profits, new firms enter the market and compete with the monopolist in the long run.

How elasticity is always referred to as a positive value, How elasticity is...

How elasticity is always referred to as a positive value even though it can be negative?  In economics, elasticity is measures of the incremental percentage change in single va

Incomes rise, Normal 0 false false false EN-IN X-NON...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Maneferial, Plot the demand schedule and draw the demand curve for the data...

Plot the demand schedule and draw the demand curve for the data given for Marijuana

Economic policy efficiently, Economic policy efficiently: The reason f...

Economic policy efficiently: The reason for poverty and misery in the developing countries is not essentially the lack of potentialities or resources, human or material, but t

Write Your Message!

Captcha
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