The following figure shows the market for lows killed labor. The value of marginal product of high-skilled
Question:
The following figure shows the market for lows killed labor.
The value of marginal product of high-skilled workers is $16 an hour greater than that of lows killed workers at each quantity of labor. The cost of acquiring human capital adds $12 an hour to the wage that must be offered to attract high-skilled labor.
Compare the equilibrium wage rates of lows killed labor and high-skilled labor. Explain why the difference between these wage rates equals the cost of acquiring human capital.
Transcribed Image Text:
Wage rate (dollars per hour) 20 16 12 8 4 0 1 S 2 D 3 4 5 Labor (thousands of hours per day)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
The figure provided appears to represent a supply and demand graph for lowskilled labor in the market The equilibrium wage rate for this labor category can be determined at the intersection of the sup...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following figure shows the market for lowskilled labor. The value of marginal product of high-skilled workers is $16 an hour greater than that of lowskilled workers at each quantity of labor. The...
-
Figure 20.2 shows the market for lows killed workers. With on-the-job training, low-skilled workers can become high skilled workers. The value of marginal product of high-skilled workers at each...
-
The figure shows the market for a group of workers who are discriminated against. Suppose that other workers in the same industry are not discriminated against and their value of marginal product is...
-
public class Class extends ClassA public classB ( ( Time left 0 0 : 1 2 : 0 3 int init = 1 0 ; super ( 4 0 ) ; O a . . The method super is not defined. b . . No values may be passed to super. O c . ....
-
In Chapter 9 we will be able to show, under certain assumptions, that the velocity v(t) of a falling raindrop at time t is where t is the acceleration due to gravity and is the terminal velocity of...
-
Discuss an infographic about cultural differences between thai employees and australian based on Hofstede's (1980) model of Intercultural Dimensions and Hall's (1963) high-context versus low-context...
-
A cost management system is made up of three primary elements: (1) motivational elements, (2) informational elements, and (3) reporting elements. Classify each of the following items, a through...
-
Primorsk is a global specialized staffing firm. Information adapted from the statement of earnings (in thousands, without earnings per share information) in its annual report for the year ended...
-
The document that serves as the basis for initiating the sales return and internal processing of the customer return by the seller is referred to as a O sales return authorization O credit memo O...
-
Which scheme has (i) a progressive tax? (ii) a regressive tax? (iii) a proportional tax? The table shows three redistribution schemes. Before-tax income (yen) Plan A tax (yen) 1,000,000 150,000...
-
Draw the Lorenz curves for the United States and the United Kingdom. In which country was income less equally distributed in 2009? The table shows the income shares in the United States, Canada, and...
-
Give examples for which machine vision cannot be properly and reliably applied. Explain why machine vision may not be appropriate for these applications?
-
. A 80-kg astronaut (including spacesuit and equipment) is floating at rest a distance of 11 m from the spaceship. . when she runs out of oxygen and fuel to power her back to the spaceship. . She...
-
Suppose a bank currently has $240,000 in deposits and $23,000 in reserves. The required reserve ratio is 13%. If at the end of the day, there is an unexpected withdrawal of $4,000 in reserves, what...
-
The growth rate for the firm's common stock is 7%. The firm's preferred stock is paying an annual dividend of $5. What is the preferred stock price if the required rate of return is 8%?
-
1) Calculate the magnitude of the electric field generated (8.4x10^0) m from an electron, giving your answer in N/C to 2 significant figures. Magnitudes must be positive. 2) A non-conducting...
-
What role does the span of control play in shaping managerial effectiveness, and how does it relate to organizational hierarchy and employee autonomy ?
-
Sound Perfection, Inc., a manufacturer of stereo speakers, is thinking about adding a new machine. This machine can produce speaker parts that the company now buys from outsiders. The machine has an...
-
If (x) 0 on the interval [a, b], the definite integral gives the exact area under the curve between x = a and x = b.
-
Draw in the figure the sequence of the economys short-run and long-run Phillips curves. An economy has an unemployment rate of 4 percent and an inflation rate of 5 percent a year at point A in Figure...
-
Draw in the figure the sequence of the economys short-run and long-run Phillips curves. An economy has an unemployment rate of 4 percent and an inflation rate of 5 percent a year at point A in Figure...
-
Evaluate the claim that stagflation is anathema to the Phillips Curve. The indication is that inflationary expectations have become entrenched and strongly footed in world markets. As a result, the...
-
Jare Asset valuation and risk Personal Finance Problem Laura Drake wishes to estimate the value of an asset expected to provide cash inflows of $2,200 for each of the next 4 years and $10,859 in 5...
-
14 points Problem 10-24 Using Return Distributions Assume the returns on an asset are normally distributed. Suppose the historical average annual return for the asset was 7.3 percent and the standard...
-
Question 4 (9 marks) ABC Inc. is considering investing in the following capital project that is expected to provide 10 years of cash flows (= sales revenue net of operating costs). The expected...
Study smarter with the SolutionInn App