LABORFrom the graph, you can deduce that the migration of workers leads the equilibrium wage rate in California toNow consider the effect this change in the labor market has on the land market. In particular, think about the effect of the wage change you just foundon the market for agricultural land in California.Assuming that labor and land are used together in the production of oranges, illustrate this effect on the land market in California on the followinggraph.Market for LandSupplyDemandSupplyDemandLANDRENTAL PRICE 8. Links between factor marketsConsider the markets for factors of production, such as labor and land, to produce oranges in California in 1935. During this time period-known asthe 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. Assumethe marginal product of workers in California remains the same in spite of the migrant workers.Market for LaborSupplyDemandSupplyDemandLABORFrom the graph, you can deduce that the migration of workers leads the equilibrium wage rate in California toNow consider the effect this change in the labor market has on the land market. In particular, think about the effect of the wage change you just foundon the market for agricultural land in California.Assuming that labor and land are used together in the production of oranges, illustrate this effect on the land market in California on the followinggraph.WAGE

Answered: Image /qna-images/answer/71f4e19b-7584-4291-894b-ee20874415fc.jpg

Answered: From the graph, you can deduce that the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The war in Ukraine has driven many highly qualified IT specialists into neighboring Poland, where many chose to remain and start looking for jobs There are four graphs, depicting: (1) labor market for IT specialists in Poland, (2) the profit maximizing decision of a typical perfectly competitive Polish software firm, (3) market for Polish software products; (4) the Polish market for imported software products. Our goal is to analyze, using what you have learned, the effect of influx of foreign IT specialists on the three markets and on the typicalPolish software firm.. You have to address the questions in order, starting with the labor market for farm workers. In the labor market for IT specialists:: 1. Label clearly the supply and demand curves, S and D. 2. In the text, indicate clearly what side of the market is affected, supply or demand, by underlining or circling the relevant term. 3. Once you decided which side of the market is affected and how, show on the graph the new supply…
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Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is: Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point (note—the value of the marginal product of labor and the marginal revenue product are the same) We maximize profits which are total revenues less total costs:

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