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4 Views • Oct 2, 2024 • Click to toggle off description
Today we will explore how to calculate
The Returns On Wages (ROW) paid to labor
Using the concept of Output Elasticity of Labor (β).
This concept is directly derived from the
Cobb-Douglas Economic Production Model
(I will not bore you with all the details).
The biggest assumption to remember is that
Everything else (land, Capital, Entrepreneurs, and Tech)
Remains constant when we are calculating these values.
What is Output Elasticity of Labor (β)?
Output elasticity of labor (β) is defined as:
The percentage change in output resulting from
A one percent change in labor input,
holding all other factors constant.
In simpler terms, it tells us
How sensitive the output is to the changes
In the amount of labor used.
It is critical to estimate this value correctly
Based on historical data of either the company
Or by utilizing industry analysis and trends.
More Details: postitstatistics.substack.com/p/row-row-row-your-g…
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Uploaded At Oct 2, 2024 ^^
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RYD date created : 2024-10-02T19:12:03.147726Z
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