In response to:

Mandated Wages and Discrimination

Earl29 Wrote: Mar 06, 2013 4:31 PM
Sadly, John, I fear you're right.
OBAMA-DRAMA Wrote: Mar 06, 2013 11:29 PM
Delta Wrote: Mar 06, 2013 5:55 PM
Agreed. But who and where are today's much-needed revolutionists? The parasites of the Occupy Wall Street gang? I think not. The lamebrain (thank you, Mr. Goldberg) media? HAH! Maybe term limits on the 535 clowns in Washington would get the ball rolling ...

Let's work through an example. Suppose 100 yards of fence could be built using one of two techniques. You could hire three low-skilled workers for $15 each, or you could hire one high-skilled worker for $40. Either way, you get the same 100 yards of fence built. If you sought maximum profits, which production technique would you employ? I'm guessing that you'd hire one high-skilled worker and pay him $40 rather than hire three low-skilled workers for $15 each. Your labor costs would be $40 rather than $45.

Suppose the high-skilled worker came into your office and demanded $55 a day....