Answer to Question #186838 in Microeconomics for Kitty

Question

Make a study of the wage or salary situation. In the occupation that interests you. How

much will you earn in your chosen field? What explains the wage or salary rate? Are

wages and salaries higher in one area than in another? If so, what accounts for the

difference? (Are the costs of living higher in one area than in the other, for example?)

Answer 1

The wage or salary rate depends on quality level of the employee, the size of the firm, economical situation in the country etc.

Wages and salaries may be higher in one area than in another because of the difference in costs of living, availability of work, number of labor available in the market etc.