Use the diagrams and the following assumptions to answer the questions below. (1) The demand for labor in Alta and Bono are shownby the curves DA and DB, respectively. (2) Alta's native labor force is 70,000 workers, while Bono's native labor force is 30,000workers. (3) The wage rate in Alta is $20, and the wage rate in Bono is $40. (4) Full employment exists in both countries.AltaBono$60$60$50$50$40$40$30$30De$20$20$10$1010 20 30 40 50 60 70 80 90 10010 20 30 40 50 60 70 80 90 100Quantity of labor (thousands)Quantity of labor (thousands)Instructions: Enter your answers as a whole number.a. If migration is costless and unimpeded,thousand workers will move fromAltatoBonoWage rateWage rate b. If migration is costless and unimpeded, the average wage will be $in Alta and $in Bono.c. If migration is costless and unimpeded, the total wage bill willO increase by $400,000.O increase by $1,200,000.O decrease by $400,000.decrease by $800,000.d. After migration has ceased, world output will haveO increased by $300,000.O decreased by $300,000.O decreased by $500,000.O stayed the same.O increased by $500,000.

Wage and the demand for labor are inversely related. If the wage is increasing, the demand for labor…

b. If migration is costless and unimpeded, the average wage will be $ in Alta and $ in Bono. c. If migration is costless and unimpeded, the total wage bill will O increase by $400,000. O increase by $1,200,000. O decrease by $400,000. decrease by $800,000. d. After migration has ceased, world output will have O increased by $300,000. decreased by $300,000. O decreased by $500,000. stayed the same. O increased by $500,000.

b. If migration is costless and unimpeded, the average wage will be $ in Alta and $ in Bono. c. If migration is costless and unimpeded, the total wage bill will O increase by $400,000. O increase by $1,200,000. O decrease by $400,000. decrease by $800,000. d. After migration has ceased, world output will have O increased by $300,000. decreased by $300,000. O decreased by $500,000. stayed the same. O increased by $500,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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