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Situation
George is making $18 an hour installing electronic chips in hand help computers. Would your offer to work for $8 an hour get you the job? Why might a profit-maximizing employer turn down your offer?
The difference between me and George would be that I cannot offer the high quality that he offers in the installing of the chips in hand held personal computers. This sort of job requires high professional labor skills in order to be completed adequately. George has been having the adequate professional training in order to be qualified for this special job. For me to pretend to replace him I should offer the company that employs him at least the same level of professional qualification and experience. Skilled labor is one of the basic tenets of modern economics. It is also one of the basis of success for entrepreneurs. The higher and more specialized the labor skills that one offers, the higher the pay or reward he / she can expect. The same reasoning applies for the employer. It is true that George is a costing him 18$ per hour but the quality of work he is receiving is also very high. Thus, he has the opportunity to maximize his profits due to this quality work George offers. This will attract customers and make them satisfied with what the company is offering. So, he cannot offer me that job because the quality will decrease rapidly and customer satisfaction will go down.
Thus, I have to offer at least the same level of expertise and experience as George combined with a lower pay per hours before pretending from Georges employer to offer me the job. The optimal solution would be to offer better expertise and experience.
The reasons why does the opportunity cost of doing homework increase as the person spend more time doing it
This is related to the productivity rate that one has doing a job or anything else. When one spends one hour in doing something they have a certain productivity yield. But when they spend three or four hours on that task, the productivity yield is not the same as the productivity rate of each separate hour. In fact it is more than that. Thus, when I commit myself in doing my homework for one hour I lose the productivity yield I would have had if I was to do an income producing activity. And if I continue doing my homework for three or four hours I lose the equavalent of the productivity yield of doing another activity.
The reasons why are professors of computer science paid more than professors of English literature
Part of the reasoning is the same as what I have mentioned above regarding the skilled labor offering. Professors of computer science do offer specialized skills to their students regarding products and services which are particular in the market. They also transmit to students knowledge about technological developments or the way how to achieve this technological developments. Innovation and technological breakthroughs are very important for the growth and profit-maximizing of a company. Professors of English literature do not offer knowledge related to these elements meanwhile professors of computer science do offer students knowledge of specialized skills. The other reason is that the electronic and computer related products and industry does have a high demand on the market at the moment.
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