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1 August, 16:39

If Ty's daughter were to inform him that she wanted to be a bank teller and he were concerned about her ability to pay her bills, what economic theory could Ty use to convince his daughter to become an engineer instead?

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  1. 1 August, 19:17
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    He could use the theory of efficiency wage

    Explanation:

    The theory of efficiency wage explains that firms, in some cases, try to attract high-skilled workers such as engineers, with wages higher than the market equilibrium level. This in order to motivate the workers to be more efficient (hence the name of the theory), and to prevent a high turnover from happening, because it can result very costly.

    Ty's daughter could be convinced to become an engineer by using this theory because:

    1) It highlights the possiblity of obtaining high wages as an engineer, something that would make all the effort associated with becoming one pay off.

    2) It can also explain why as a bank teller, she might have difficulties paying her bills, since being a bank teller is not a highly-skilled position, and as a result, is not likely to be subject to the efficiency wage theory.
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