Microeconomics |
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˹éÒ 197
A higher wage rate makes leisure more expensive. There is a substitution effect
encouraging us to take less leisure and work longer hours, thereby consuming
more goods and services. But a higher wage rate also has an income effect.
A higher wage rate makes leisure more expensive. There is a substitution effect
encouraging us to take less leisure and work longer hours, thereby consuming
more goods and services. But a higher wage rate also has an income effect.
˹éÒ 410
As you can see in part (c), the equilibrium wage rate of skilled labor is higher than
that of unskilled labor. There are two reasons why this occurs: first, skilled labor
has a higher marginal revenue product than unskilled labor, so at a given wage ...
As you can see in part (c), the equilibrium wage rate of skilled labor is higher than
that of unskilled labor. There are two reasons why this occurs: first, skilled labor
has a higher marginal revenue product than unskilled labor, so at a given wage ...
˹éÒ 438
The higher the interest rate, the lower is the present value of the stream of
marginal revenue products. ♢ ♢ The demand curve for capital is the relationship
between the quantity of capital demanded and the interest rate. The higher the
interest ...
The higher the interest rate, the lower is the present value of the stream of
marginal revenue products. ♢ ♢ The demand curve for capital is the relationship
between the quantity of capital demanded and the interest rate. The higher the
interest ...
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