Homework Answers
efficiency wage is defined as the effort depends positively on the wage the firm pays
EFFICIENCY WAGE Profit = f(L,W)p - WL
Depend on L and W.
Efficiency Wage Hypothesis is hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing
Profits of efficient wage
It is starting at low wage, small increase in wage is likely to
increase profits,
It helps in increase in productivity
But it show that high wage will be costly
DIMINISHING sensitivity to wage increases, at some point, wage
increase will stop having an effect on productivity.
(Sorry if I did answer wrong because according to me it is very short question)
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