The reason for a higher level of wage in the developed country.

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Answer 1

Question

Chapter 15, Problem 1DQ

To determine

The reason for a higher level of wage in the developed country.

Expert Solution & Answer

Explanation of Solution

In general, the wage level in the developed country is higher than the other country. The main reason for this increase in the level of wage is the higher level of labor productivity. Wage is determined by the marginal productivity of the labor. The output per worker is higher in the developed country. The reason for this high productivity is abundant natural resource relative to the labor size and the capital per worker is very high. The developed country uses advance technology, provides trainings. These factors lead to an increase in the marginal productivity of the labor that causes an increase in the wage level.

Economics Concept Introduction

Concept introduction:

Marginal productive wage theory: The marginal productive wage theory states that the wage of the labor should be equal to the marginal productivity of the labor.

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ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = $20,000, P = $10, and P’ = $5, determine ƐQP, ƐQI, and ƐQP’.

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Answer 2

Question

Chapter 15, Problem 1DQ

To determine

The reason for a higher level of wage in the developed country.

Expert Solution & Answer

Explanation of Solution

In general, the wage level in the developed country is higher than the other country. The main reason for this increase in the level of wage is the higher level of labor productivity. Wage is determined by the marginal productivity of the labor. The output per worker is higher in the developed country. The reason for this high productivity is abundant natural resource relative to the labor size and the capital per worker is very high. The developed country uses advance technology, provides trainings. These factors lead to an increase in the marginal productivity of the labor that causes an increase in the wage level.

Economics Concept Introduction

Concept introduction:

Marginal productive wage theory: The marginal productive wage theory states that the wage of the labor should be equal to the marginal productivity of the labor.

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Answer 3

Question

Chapter 15, Problem 1DQ

To determine

The reason for a higher level of wage in the developed country.

Expert Solution & Answer

Explanation of Solution

In general, the wage level in the developed country is higher than the other country. The main reason for this increase in the level of wage is the higher level of labor productivity. Wage is determined by the marginal productivity of the labor. The output per worker is higher in the developed country. The reason for this high productivity is abundant natural resource relative to the labor size and the capital per worker is very high. The developed country uses advance technology, provides trainings. These factors lead to an increase in the marginal productivity of the labor that causes an increase in the wage level.

Economics Concept Introduction

Concept introduction:

Marginal productive wage theory: The marginal productive wage theory states that the wage of the labor should be equal to the marginal productivity of the labor.

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Answer 4

Question

Chapter 15, Problem 1DQ

To determine

The reason for a higher level of wage in the developed country.

Expert Solution & Answer

Explanation of Solution

In general, the wage level in the developed country is higher than the other country. The main reason for this increase in the level of wage is the higher level of labor productivity. Wage is determined by the marginal productivity of the labor. The output per worker is higher in the developed country. The reason for this high productivity is abundant natural resource relative to the labor size and the capital per worker is very high. The developed country uses advance technology, provides trainings. These factors lead to an increase in the marginal productivity of the labor that causes an increase in the wage level.

Economics Concept Introduction

Concept introduction:

Marginal productive wage theory: The marginal productive wage theory states that the wage of the labor should be equal to the marginal productivity of the labor.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 1DQ

To determine

The reason for a higher level of wage in the developed country.

Expert Solution & Answer

Explanation of Solution

In general, the wage level in the developed country is higher than the other country. The main reason for this increase in the level of wage is the higher level of labor productivity. Wage is determined by the marginal productivity of the labor. The output per worker is higher in the developed country. The reason for this high productivity is abundant natural resource relative to the labor size and the capital per worker is very high. The developed country uses advance technology, provides trainings. These factors lead to an increase in the marginal productivity of the labor that causes an increase in the wage level.

Economics Concept Introduction

Concept introduction:

Marginal productive wage theory: The marginal productive wage theory states that the wage of the labor should be equal to the marginal productivity of the labor.

Answer 6

Chapter 15, Problem 1DQ

To determine

The reason for a higher level of wage in the developed country.

Expert Solution & Answer

Explanation of Solution

In general, the wage level in the developed country is higher than the other country. The main reason for this increase in the level of wage is the higher level of labor productivity. Wage is determined by the marginal productivity of the labor. The output per worker is higher in the developed country. The reason for this high productivity is abundant natural resource relative to the labor size and the capital per worker is very high. The developed country uses advance technology, provides trainings. These factors lead to an increase in the marginal productivity of the labor that causes an increase in the wage level.

Economics Concept Introduction

Concept introduction:

Marginal productive wage theory: The marginal productive wage theory states that the wage of the labor should be equal to the marginal productivity of the labor.

Answer 7

Chapter 15, Problem 1DQ

To determine

The reason for a higher level of wage in the developed country.

Answer 8

Expert Solution & Answer

Explanation of Solution

In general, the wage level in the developed country is higher than the other country. The main reason for this increase in the level of wage is the higher level of labor productivity. Wage is determined by the marginal productivity of the labor. The output per worker is higher in the developed country. The reason for this high productivity is abundant natural resource relative to the labor size and the capital per worker is very high. The developed country uses advance technology, provides trainings. These factors lead to an increase in the marginal productivity of the labor that causes an increase in the wage level.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Marginal productive wage theory: The marginal productive wage theory states that the wage of the labor should be equal to the marginal productivity of the labor.

Answer 12

Ch. 15.3 - Prob. 1QQ Ch. 15.3 - Prob. 2QQ Ch. 15.3 - Prob. 3QQ Ch. 15.3 - Prob. 4QQ Ch. 15.A - Prob. 1ADQ Ch. 15.A - Prob. 2ADQ Ch. 15.A - Prob. 3ADQ Ch. 15.A - Prob. 4ADQ Ch. 15.A - Prob. 5ADQ Ch. 15.A - Prob. 1ARQ

The reason for a higher level of wage in the developed country.

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The reason for a higher level of wage in the developed country.

Explanation of Solution

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