Domestic low-skilled workers each work 1,920 hours a year on average, and they receive $8 per hour. Suppose that, statistically, for each 10 % rise in the number employed Immigrants in low-skilled jobs, the annual number of hours worked by domestic low-skilled workers falls by 3%. At the same time, their wage declines b 1%. There are 300,000 Immigrants working in low-skilled jobs, and 120,000 more are about to come, all of whom will also find low-skilled jobs. Calculate the drop in annual income of an average domestic worker in dollars. Enter your answer as a positive number in the box below and round to two decima places if necessary. Round your intermediate calculations to two decimal places.

Domestic low-skilled workers each work 1,920 hours a year on average, and they receive $8 per hour. Suppose that, statistically, for each 10 % rise in the number employed Immigrants in low-skilled jobs, the annual number of hours worked by domestic low-skilled workers falls by 3%. At the same time, their wage declines b 1%. There are 300,000 Immigrants working in low-skilled jobs, and 120,000 more are about to come, all of whom will also find low-skilled jobs. Calculate the drop in annual income of an average domestic worker in dollars. Enter your answer as a positive number in the box below and round to two decima places if necessary. Round your intermediate calculations to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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