LL 杆3 RENTAL PRICE LABOR From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to Now consider the effect this change in the labor market has on the land market. In particular, think about the effects of the diminished productivity of land and the xodus of farm workers on the value of land in Kansas. Assuming the supply of land is unchanged, illustrate these effects on the land market in Kansas on the following graph. Market for Land Supply Demand Supply Demand LAND MacBook Pro 24 K. LL R WAGE 8. Links between factor markets Consider the markets for factors of production, such as labor and land, to produce wheat in Kansas 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. It also made the land in Kansas much less useful for producing wheat. Using the example of the Dust Bowl, show the effects of these two changes on the market for labor in Kansas on the following graph. Market for Labor Supply Demand Supply Demand LABOR From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to MacBook Pro %23 %24 3. 4. 8. M
LL 杆3 RENTAL PRICE LABOR From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to Now consider the effect this change in the labor market has on the land market. In particular, think about the effects of the diminished productivity of land and the xodus of farm workers on the value of land in Kansas. Assuming the supply of land is unchanged, illustrate these effects on the land market in Kansas on the following graph. Market for Land Supply Demand Supply Demand LAND MacBook Pro 24 K. LL R WAGE 8. Links between factor markets Consider the markets for factors of production, such as labor and land, to produce wheat in Kansas 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. It also made the land in Kansas much less useful for producing wheat. Using the example of the Dust Bowl, show the effects of these two changes on the market for labor in Kansas on the following graph. Market for Labor Supply Demand Supply Demand LABOR From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to MacBook Pro %23 %24 3. 4. 8. M
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:LL
杆3
RENTAL PRICE
LABOR
From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to
Now consider the effect this change in the labor market has on the land market. In particular, think about the effects of the diminished productivity of
land and the
xodus of farm workers on the value of land in Kansas.
Assuming the supply of land is unchanged, illustrate these effects on the land market in Kansas on the following graph.
Market for Land
Supply
Demand
Supply
Demand
LAND
MacBook Pro
24
K.
Transcribed Image Text:LL
R
WAGE
8. Links between factor markets
Consider the markets for factors of production, such as labor and land, to produce wheat in Kansas 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. It also made the land in
Kansas much less useful for producing wheat.
Using the example of the Dust Bowl, show the effects of these two changes on the market for labor in Kansas on the following graph.
Market for Labor
Supply
Demand
Supply
Demand
LABOR
From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to
MacBook Pro
%23
%24
3.
4.
8.
M
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