2007-07-15 05:05:01 · 3 answers · asked by Emily 6 in Social Science ➔ Economics
A baby that really can't wait a second longer to be born and is getting obstreperous! ;-)
Addendum for Pengy and Trevor:
Ridiculous answers! Just ridiculous!!
2007-07-15 05:13:15 · answer #1 · answered by Oliver T5 3 · 0⤊ 1⤋
Labor Demand: The quantity of labor demanded by producers (firms) at any given wage rate.
That is, it is a function that describes how the producers' hiring decisions change as the wage rate changes. It is a downward sloping function (higher wage implies lower quantity of labor is demanded by firms).
More detail: It is derived from equating the firms' marginal value product of labor with the market wage rate. This assumes firms are wage-takers (can't influence market wage rate)... it becomes more complex if they can. The marginal value product of labor is essentially the *value* of the output that another worker will produce for the firm.
2007-07-15 12:17:49 · answer #2 · answered by Trevor 2 · 0⤊ 0⤋
If the market is tight for a specific skill the demand for that skill is high and wages increase. If the market for that particular skill is not in a high need, the wages decrease. Company's use this ratio in determining pay, and costs for production of a product
2007-07-15 12:15:03 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋