y = f(x1,x2,x3,x4,x5,x6,x7)
This verbal description of model will include the simple description about the models of empirical economic analysis, sources of data, data description, preliminary tests, OLS results and a complete analysis of the economic data. A simple Empirical analysis will use the data to test the theoretical analysis or the estimated practical analysis. With the help of this empirical analysis, the complete configuration economic data could be constructed. Under the general assumptions made from the description of the amount of time and the duration spent in performing a task, one could be able to find the description of representation of economic model. By assumption, this economic model could be represented as,
y = f (x1, x2, x3, x4, x5, x6, x7)
Where, ‘y’ is the time spent in performing the activity, x1 refers to the wages for an hour spent in the activity, x2 refers to the hourly wages for legal employment, x3 refers to the income, x4 refers to the probability of finishing the task, x5 refers to the probability of finding the task allotted to finish the activity, x6 refers to the expectations to finish the job and finally x7 is for finding the age. All these factors generally contribute to the activities of the individuals along with the allocated tasks and utilizations. But here, the job provided for the workers will mainly consist of the job training and the worker productivity. On each and every productivity console, the labor will have a necessity to examine the effects of job training and the formal economic theory. But basic knowledge in the economic understanding will be sufficient for the workers to realize and to utilize factors such as education, experience and training, which are necessary for the workers to increase their payments by providing the best efforts to increase the productivity of the company in a very beneficial way. Here, the wages could be calculated through,
Wage = f (education, experience, training)
As the wages of the employees increases, the productivity and the gains from the bonus will increase. This increase could lead to the development of best trends and techniques that could be implemented to develop the protection and detection process in the economy.