Consider the markets for factors of production, such as labor and land, to produce oranges inCalifornia in 1935. During this time period-known as the Dust Bowl-major dust storms causedresidents of Kansas to migrate west to such states as California and Washington.Using the example of the Dust Bowl, illustrate the effects of this influx of migrants on the marketfor labor in California on the following graph. Assume the marginal product of workers in Californiaremains the same in spite of the migrant workers.Narket for Laber-O-SupplyDemandSupplyDumandLABORFrom the graph, you can deduce that the migration of workers leads the equilibrium wage rate inCalifornia toNow consider the effect this change in the labor market has on the land market. In particular, thinkabout the effect of the wage change you just found on the market for agricultural land inCalifornia.WAGE Assuming that labor and land are used together in the production of oranges, illustrate this effecton the land market in California on the following graph.Market for LandSupplyDemandSupplyDumandLANDRENTAL PRICE

The equilibrium wage rate in the market is determined by the demand and supply of labor.

Consider the markets for factors of production, such as labor and land, to produce oranges in California in 1935. During this time period-known as the Dust Bowl-major dust storms caused residents of Kansas to migrate west to such states as California and Washington. Using the example of the Dust Bowl, illustrate the effects of this influx of migrants on the market for labor in California on the following graph. Assume the marginal product of workers in California remains the same in spite of the migrant workers. Narket for Laber -O- Supply Demand Supply Duand LABOR From the graph, you can deduce that the migration of workers leads the equilibrium wage rate in California to WAGE

Consider the markets for factors of production, such as labor and land, to produce oranges in California in 1935. During this time period-known as the Dust Bowl-major dust storms caused residents of Kansas to migrate west to such states as California and Washington. Using the example of the Dust Bowl, illustrate the effects of this influx of migrants on the market for labor in California on the following graph. Assume the marginal product of workers in California remains the same in spite of the migrant workers. Narket for Laber -O- Supply Demand Supply Duand LABOR From the graph, you can deduce that the migration of workers leads the equilibrium wage rate in California to WAGE

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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