The income statement and selected balance sheet information for Fudnuddler Corporation for the year ended December 31, 2011 is presented below. 
Definitions:
Wage Differentials
Wage differentials are the variations in wage rates due to the differences in occupation, industry, geographic location, or within a company, among other factors.
College Graduates
People who have finished their studies and earned a degree from a higher education institution.
Labor Supply Curve
The labor supply curve illustrates the relationship between the wage rate and the quantity of labor that workers are willing to offer at different wage rates.
Substitution Effect
The change in the consumption patterns of goods or services, as consumers replace pricier items with more affordable substitutes when prices change.
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