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Hourly Rate
Buyer and Seller

2020 (c) Lyno Sullivan #Econ-Fixed-Price-Levels

Hourly Rate

Focus on the upward sloping segment labeled Q1 to Q2 and also P1 to P2. Now imagine that the Price is a given micro-market is frozen at an acceptable hourly rate of $24 USD per hour for virtual work done. Imagine the price is frozen at that hourly rate and, therefore P1 appears as a nearly horizontal. The flatness of P1 Price is referred to as “Price Inelasticity”. Meaning that the price is fixed at a constant rate. This means that the Supply curve takes a flat jog to the right and then rises above P1. The resulting Q1 to Q2 means that some amount of “extra” supply will accept the lower fixed price of P1 = $24.

Fixed Price Consequences

The constant $24 price has consequences.

  • A uniform price simplifies the life of contractors looking for work
  • A uniform price simplifies businesses and organizations looking for workers for $24 per hour.
  • A uniform price simplifies project estimation and tracking.

The bigger picture is to understand based on a string of serial and micro-transactions. These transactions are created steps in a workflow. Each step performed on an Object as it flows through the workflow from step to step, can be a well defined unit of work. In an active workflow, each step has its own list of qualified people available to perform the operations required for the step.

STEM and STEAM Educated Workers

Perhaps a STEM High School adult student would earn $18 per hour. A STEM college educated student is qualified to earn at least $24 per hour upon graduation from college. They could also be rewarded with scholarships that are based upon graduation from High School. It might require at least a 3.0 GPA in STEM courses. A different arrangement for students in the Arts fields fields could be established. Artists in the community could judge each student Artists’ works. This situation means that most Arts students will want to double major in STEM for money and STEAM for the Love of Arts.

Major constituents of the “Arts” include visual arts (such as architecture, ceramics, drawing, filmmaking, painting, photography, sculpting and so many other opportunities), literature (including fiction, drama, poetry, prose, foreign languages, etc.), performing arts (including dance, music, theatre, and so forth), culinary arts (including cooking, chocolate making, winemaking, worldwide recipes, cultural recipes, and gastronomic delights galore). The are numerous other Arts choices not listed above.

Buyer and Seller

Price (P) measured in $USD on the vertical axis is set by the Buyer. The Buyer is the one in the economic equation who takes money out of their bottom line to contract with you for an hour of your time.

Quantity (Q) measured in hours on the horizontal axis is set by the Seller. The seller is the one in the economic equation who delivers the hours of time in exchange for payment at or before the agreed upon time.

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Other Resources

See this URL https://courses.lumenlearning.com/boundless-economics/chapter/price-elasticity-of-supply/ to attain a good lesson in price inelasticity.

When learning Mathematics, always do the problems.

Dad Oliver’s learner advice on learning math.

Context

This Carbonic Live blog post concerns a stream of hours of work for hire. One hour of skilled time is provided and claimed for payment. The nature of the required workflow step is explained below.

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By Carbonic

I am the writer on much of the material presented at https://carbonicprod.wpengine.com/

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