Click to see additional instructions When supplying labour for universities, academics are aware that they can also use their expert knowledge and skills in non-educational jobs. Let w be the wage in the university sector and Wa be the expected wage an academic could earn in industry in their field. A. Suppose the industry wage increases. Labour demand for professors will -1 and labour supply for industrial professionals will (Enter '1' for increase, '0' for remain unchanged, '-1' for 1 decrease, '3' for possibly increase or decrease) B. Let Ls = 4w denote the initial university sector labour supply. The graph of this supply cure has slope 4 and vertical intercept 0 Suppose two professors are attracted by the increase in the alternative wage and leave the education sector such that Ls' = Ls - 3. The graph of the new labour supply curve has slope 4 and vertical intercept -3 C. As a result the equilibrium wage will 1 and the equilibrium (Enter '1' for number of professors working in this sector will -1 increase, '0' for remain unchanged, '-1' for decrease, '3' for possibly increase or decrease) D. (Notes upload) Demonstrate why using your graph (you may sketch any representative demand curve).

Click to see additional instructions When supplying labour for universities, academics are aware that they can also use their expert knowledge and skills in non-educational jobs. Let w be the wage in the university sector and Wa be the expected wage an academic could earn in industry in their field. A. Suppose the industry wage increases. Labour demand for professors will -1 and labour supply for industrial professionals will (Enter '1' for increase, '0' for remain unchanged, '-1' for 1 decrease, '3' for possibly increase or decrease) B. Let Ls = 4w denote the initial university sector labour supply. The graph of this supply cure has slope 4 and vertical intercept 0 Suppose two professors are attracted by the increase in the alternative wage and leave the education sector such that Ls' = Ls - 3. The graph of the new labour supply curve has slope 4 and vertical intercept -3 C. As a result the equilibrium wage will 1 and the equilibrium (Enter '1' for number of professors working in this sector will -1 increase, '0' for remain unchanged, '-1' for decrease, '3' for possibly increase or decrease) D. (Notes upload) Demonstrate why using your graph (you may sketch any representative demand curve).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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