In labour supply it is actually related to man days ( 8 hrs) or it is related to different wage rate?plz explain with example?plz state example of both labour supply and labour force?I have similar question before but that different question?Plz state me this with example?
Labour supply : This indicates the amount of labour that individuals are willing to offer at a particular wage rate. In other words, it refers to the supply of labour corresponding to different wage rates. Labour supply is measured in terms of man-hours, that is, the number of hours a person works. Since labour supply is measured in terms of man-hours, it can be increased (or decreased) even when the number of workers remains unchanged, by increasing (or decreasing) man-hours.
For example, if a worker increases his working hours from 8 hours to 10 hours, then this amounts to an increase in the labour supply by two hours.
Hence, we can say that labour supply is related to man hours of labour that are available at different wage rates.
For example, if a worker increases his working hours from 8 hours to 10 hours, then this amounts to an increase in the labour supply by two hours.
Hence, we can say that labour supply is related to man hours of labour that are available at different wage rates.