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

Describe the spatial distribution, Show that a pulsed spherical wave has a ...

Show that a pulsed spherical wave has a complex wavefunction of the form U(r,t) = (1/r)a(t-r/c) where a(t) is an arbitrary function. An ultrashort optical pulse has a complex wavef

Monopoly help, Monopoly and Oligopoly help?!? 1. Your firm sells a perfume....

Monopoly and Oligopoly help?!? 1. Your firm sells a perfume. The daily demand for your perfume estimated by your economists is given by P=150-5Q Your marginal cost is constant at $

HELP, Suppose Jean Splicer, an investor, buys $300,000 of shares of stock i...

Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assume the

Steps of the basic analytical framework in modern economics, What are the s...

What are the steps of the basic analytical framework in Modern Economics? Framework is very significant to master this fundamental analytical framework, particularly, these fiv

Intermediate microeconomics, show that the necessary and sufficient conditi...

show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .

Utility and Choice(Assumptions about preferences), Explain the axioms of co...

Explain the axioms of completeness, transitivity and non-satiation using appropriate examples.

Objectives of the imf, International Monetary Fund: International Mone...

International Monetary Fund: International Monetary Fund (IMF) is one of the two institutions that were established as a result of the Brettonwoods Conference in 1944, the oth

Time serie, uses of time series in indian economy

uses of time series in indian economy

Help, 1. Select a data series that you wish to forecast. Make sure that it ...

1. Select a data series that you wish to forecast. Make sure that it has some importance to you relative to business, future occupation or other special interest. Obtain monthly or

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