The Elasticity of supply of labour - chapter 7
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- Created on: 01-04-16 14:14
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- The Elasticity of Supply of Labour
- Chapter 7
- The skills and qualifications required in the job
- Elasticity of labour supply tends to be more inelastic for skilled jobs
- The length of the training period
- Jobs with long training periods may be more elastic
- i.e. for doctors, lawyers etc it takes years to complete the required training
- Sense of vocation
- Jobs with a vocational element may be more inelastic
- For teachers, nurses, doctors etc the reward is not entirely monetary so supply may not change much in response to a wage rate change
- Time
- In the LR, supply of labour will tend to be more elastic
- i.e. due to notice period and training
- The responsiveness of quantity of labour supplied to a change in wage rates
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