TAILIEUCHUNG - Lecture Labour market economics: Chapter 8 - Dwayne Benjamin, Morley Gunderson, Craig Riddell

Chapter 8 - Compensating wage differentials. In this chapter, students will be able to understand: Relative pay rates across jobs, different wages for identical skills, safety regulation, adequate compensation for unpleasant or risky jobs. | Chapter Eight Compensating Wage Differentials Created by: Erica Morrill, Fanshawe College © 2002 McGraw-Hill Ryerson Ltd. Chapter Focus Relative pay rates across jobs Different wages for identical skills Safety regulation Adequate compensation for unpleasant or risky jobs Chapter 8- © 2002 McGraw-Hill Ryerson Ltd. Theory of Compensating Wages Agreeableness/disagreeableness of job Ease/difficulty and expense of learning job Turnover in that position Degree of power and trust held Probability or improbability of success in job Chapter 8- © 2002 McGraw-Hill Ryerson Ltd. Isoprofit Schedule Combinations of wages and safety that the firm can provide and maintain the same level of profit Exhibits a diminishing marginal rate of transformation between wages and safety Lower curves imply higher levels of profits Chapter 8- © 2002 McGraw-Hill Ryerson Ltd. Figure a Isoproft Schedule A Firm is providing little safety and can provide additional safety in a relatively .

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