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In the United States, the average hourly earnings of production workers in 2007 were $17.45 per hour. The national minimum wage was $5.85 per hour. Assume that the minimum wage represents what a worker would receive he or she has no human capital from education. Using these data, calculate the share of wages that represents payment to human capital and the share that represents payments to raw labor.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91229126

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