ECON 103 Lecture Notes - Lecture 21: Tiger Woods, Wayne Gretzky, Marginal Cost
13 Dec 2017
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Something shifting supply, or something making supply elastic or inelastic: common skills are going to have low wages (large elastic supply of labor) You"ll have to be paid more to work at the north pole than southern california. This is another shift in supply: different elasticities of demand and supply. If something is infintitly elastic then your can charge ridicoulous prices (because who else can do that job?: differences in productivity. For a given supply or labor, more productive people will earn higher wages. This is a shift in demand . outwards: more education leads to higher average wages. (more productive because smart, middle aged workers generally earn more than young and older works, the market for superstars. 98% of canadians earn less than ,000 per year. Tiger woods made million in 2006. Michael jacson died in 2009 but made mil in 2014. 1st place american idol winner, 12 000 000 albums sold.
