In Dallas, 135 people are willing to work an hour as secretaries if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for secretaries on the following graph. What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. Labor production functions exhibit diminishing marginal returns. Firms are willing to hire fewer secretaries at a higher wage. Unemployment benefits are steadily declining.

The opportunity cost of leisure decreases as wages decrease, one explanation for why this labor supply curve is upward sloping, For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour

where w is wage rate and L stands for labor. It is given that

w=5

L=30

then slope=1/6

therefore L/w=6

It implies that for one unit increase in w . L increases by 6 unit.

Then labour supply and wages table would bea payment made in exchange for labor or services, typically on an hourly, daily, or piecework basis and in accordance with a contract. frequently used in plural. The portion of the national output that may be attributed to labor as a production factor is known as wages, plural.

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