Modern wage theories explained

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wage theory

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Wage theories

Meaning and Definition ,[object Object],[object Object]

Economic Theories about Wages ,[object Object]

Modern wage theory of wage ,[object Object]

[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object]

Shift in demand for labour ,[object Object],[object Object]

Shift in demand for labour D1 D2 MRP1 MRP2 MRP D Increase Decrease demand Demand for labour unit Productivity Y X O

Wage determination under competitive condition DL D SL S W AW=MW W O Y X X Y O (Labour supply curve ) (Wage line) AC=MC of labour N E Units Of Labour Units Of Labour Wage Rate Industry Market Firm

Relation between Wage and Managerial Productivity X Y Y X 0 0

X Y 0

Y Y X X 0 0

[object Object]

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Modern wage theories explained

1. Wage theories

2.

3.

4.

5.

6.

7.

8. Shift in demand for labour D1 D2 MRP1 MRP2 MRP D Increase Decrease demand Demand for labour unit Productivity Y X O

9. Wage determination under competitive condition DL D SL S W AW=MW W O Y X X Y O (Labour supply curve ) (Wage line) AC=MC of labour N E Units Of Labour Units Of Labour Wage Rate Industry Market Firm

10. Relation between Wage and Managerial Productivity X Y Y X 0 0

12. Y Y X X 0 0

13.