ECO101H1 Lecture Notes - Lecture 13: G1 Phase
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ECO101H1 Full Course Notes
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Topic 13 earnings and discriminations (jan 12th) Outline: the impact of a union, correlates of marginal revenue product (mrp/vmp), male-female earning gap: discrimination, pay equity. Tiger woods: million/yr: slightly less talented professionals: ,000/yr, earning differential has increased sharply over time; Singers: now income derived from cds; everyone can consume the best . Golf: now income derived from tv (everyone can consume the best ); 19th century income derived from ticket sales at tournaments; However, best plumber earns (modestly) above average hourly wage; Reason: all customers cannot consumer the services of the best plumber. Higher wage = higher vmp = higher mp = less workers employed. University degree, age 45-54: hour of work. Male female earning gap: raw data . All employed females, 2001: ,930 (65% of male earnings: f/t, with university degree: Female: ,158 (67. 5% of male earning: age 25-34, f/t, with university degree: Difference in wages not explained by differences in vmp.