Wages and labor supply: equivalent to the utility , Microeconomics

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. 

 

Posted Date: 4/19/2013 3:43:11 AM | Location : United States







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