The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6
-A wage differential between skilled and unskilled workers exists because skilled workers have higher marginal products than unskilled workers.
Definitions:
Productivity
Refers to the measure of output per unit of input.
Input Demand Curves
Graphs showing the relationship between the price of inputs and the quantity of inputs demanded by producers.
Marginal Product
The elevation in production output stemming from the addition of one unit of input.
Profit Maximization
The process or strategy where a firm adjusts its production to achieve the highest possible profit.
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