microeconomics short essay about labor markets

You will not need to write more than 2 pages double-spaced.

Drawing on chapter 12 in each book (“Understanding Capitalism: Competition, Command, and Change” Bowles et al and “Microeconomics: Principles & Applications” Hall and Lieberman) explain how the hourly wage rate (and level of employment) is determined in the political economy and neoclassical perspectives. From the surplus approach why does the analysis of the cost of job loss matter for the production of the surplus?Be sure to first explain what the italicized term means.

Try to find these two books as possible. I attached the powerpoint for more knowledge.


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