tailieunhanh - Microeconomics for MBAs 23

Microeconomics for MBAs 23. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 6. Reasons for Firm Incentives 39 workers. The demand curve in Figure drops down vertically by the per-worker cost of the fringe from D1 to D2. This happens because the firms are simply not willing to pay as high a wage to their workers if they have to cover the cost of the fringe. On the other hand the supply of workers shifts outward from S1 to S2 because work is now more attractive because of the fringe leading to more workers applying for jobs. Workers are willing to work for a lower money wage when the fringe is provided and again for simplicity we assume that each worker values the fringe by the same amount . The vertical difference between S1 and S2 represents how much each worker values the fringe and is willing to give up in their wage rate for the fringe this vertical difference is a money measure of the value of the fringe to workers. What happens given these shifts in supply and demand As can be seen in the figure the market-clearing wage falls from W1 to W2. Are workers and firms better off Well a close examination of the figure reveals that more workers are employed Q2 instead of Qi which suggests that something good must have happened. Otherwise we must wonder why firms would want to hire more workers and more workers would be willing to be employed. It just doesn t make much sense to argue that firms and or workers aren t better off when both sides agree to more work and when the fringe is provided voluntarily . Notice that the total cost of the fringe the vertical distance between the two demand curves or bc is less than the reductions in the wage Wi- W2 from which we can draw two implications First the firm is clearly making money off its original employees W2 bc is less than W1 . Second the firm s total cost per worker W2 bc falls which explains why they are willing to expand their hires. Notice also that while the workers accept a lower wage rate W2 instead of W1 they gain the value of the fringe which in the graph is the vertical .

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