Marginal Value of Labor
In Microeconomics today we talked about how wages are set in part by the dollar value of the marginal product of labor (the incremental dollar value of adding one more worker) and the supply of those workers.
In his blog in October, Greg Mankiw pointed to a chart from PhDComics.com that is sure to warm the hearts of college instructors:
I teach principles of economics courses and a course in the economics of healthcare at Southern Oregon University.