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

Related Discussions:- Wages and labor supply: equivalent to the utility , Assignment Help, Ask Question on Wages and labor supply: equivalent to the utility , Get Answer, Expert's Help, Wages and labor supply: equivalent to the utility Discussions

Write discussion on Wages and labor supply: equivalent to the utility
Your posts are moderated
Related Questions
Why narrowness of definition of a commodity may influence price elasticity of demand

using demand and supply curves explain how shortage and surplus are created

Q. Defien Hyper - Inflation? Hyper-Inflation:It's a situation of extremely rapid inflation (reaching 100% per year or more), frequently resulting from a condition of political

The Market Mechanism  Features of the equilibrium or market clearing price: – QD = QS  – No shortage or scarcity  – No extra supply price.  – No pressure on th

the full detailed of market structure their characteristic ,sources with clear explanation

STRATEGIES AND POLICIES FOR ADMINISTRATIVE REFORMS: As stated in a United Nation's Publication, following strategies and policies are necessary to bring about administrative i

Policy Measures for Private Sector Investment Policy measures aimed at reforming education financing was made with two major propositions, viz. (i) Improving the efficiency

Sir/Ma''am i have to make a project of 4-5 page on Investigating the buying behavior of individuals in the white goods sector and seeing if there exists any negative relationship b

Some Cost Considerations for Managers * Three guidelines for estimating the marginal cost(MC): 1) Average variable cost should not be used as substitute for the marginal cost(

Deviation - Difference between the expected and actual payoff -  Adjusting for the negative numbers -  The standard deviation measures square root of average of squa