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EBK STUDY GUIDE FOR MANKIW'S PRINCIPLES
7th Edition
ISBN: 8220103455312
Author: Mankiw
Publisher: Cengage Learning US
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Question
Chapter 19, Problem 1QR
To determine
Reason for higher wages in coal mining.
Expert Solution & Answer
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Explanation of Solution
Compensating differential exists in wages of coal miners. They are paid more than other workers with similar levels of education. This may be attributed to the dirty and dangerous nature of work in coal mining, as well as the long-term health problems that coal miner’s experience.
Economics Concept Introduction
Concept introduction:
Compensating differential: It is the difference in wages that arise to offset the nonmonetary characteristics of different jobs.
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Students have asked these similar questions
Why are coal miners paid more than other workerswith similar amounts of education?
How might a company continue to do business without paying higher wages?
how does the demand and supply for labour affect the wage rate of workers?
Chapter 19 Solutions
EBK STUDY GUIDE FOR MANKIW'S PRINCIPLES
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