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    Teaching loads and professors' salaries

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    At some colleges and universities, economics professors receive higher salaries than professors in some other fields.
    a. Why might this be true?
    b. Some other colleges and universities have a policy of paying equal salaries to professors in all fields. At some of these schools, economics professors have lighter teaching loads than professors in some other fields. What role do the differences in teaching loads play?

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    Solution Preview

    a. When there is a premium for a service, it implies that there is a limited supply, or a greater demand, for that particular service. In the case of economics professors, their higher ...

    Solution Summary

    Causes for higher salaries for economics professors; how teaching loads vary with equal salary policies.