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PII compilation > Labour LS > Flashcards

Labour LS Flashcards

1
Q

Reservation wage

A

The minimum increase in income that would make a person indifferent between remaining at the endowment point and working the first hour
The slope of the indifference curve at the endowment point

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2
Q

Average product

A

Amount of output per worker

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3
Q

Elasticity of labour demand

A

dE/E

dw/w

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4
Q

Extensive margin

A

Employment

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5
Q

Intensive margin

A

Part time or hours of work decisions

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6
Q

Elasticities of substitution

A

Percentage change in K/L

/Percentage change in w/r

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7
Q

Xed

A

Percentage change in L/percentage change in K

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PII compilation (3 decks)

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