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Question: The following figure shows the market for lows killed labour.

413_3.png

The value of marginal product of high-skilled workers is $16 an hour greater than that of lows killed workers at each quantity of labour. The cost of acquiring human capital adds $12 an hour to the wage that must be offered to attract high-skilled labour. Compare the equilibrium wage rates of lows killed labour and high-skilled labour. Explain why the difference between these wage rates equals the cost of acquiring human capital.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92423316
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