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- = psychic costs of Rose s move. 2. Suppose that the demand for rough labor- ers is LD 100 - 10W, where W = the wage in dollars per hour and L = the num- ber of workers. If immigration increases the number of rough laborers hired from 50 to 60, by how much will the short- run profits of employers in this market change?d. Explain how a 10% wage tax would a§ect the way in which the Örm chooses to produce any given amount of outputExplain the impact of higher corn prices on consumers. Draw a graph and upload your graph on canvas explaining the impact of higher corn prices on consumers. Explain which curve will shift on your graph and the change in price and quantity demanded. Explain the impact of higher corn prices on producers. Draw a graph and upload your graph on canvas explaining the impact of higher corn prices on producers. Explain which curve will shift on your graph and the change in price and quantity supplied. Edit View Insert Format Tools Table Paragraph |BIU A e p?u|: 12pt v
- What would be the predicted impact on the labor market of a decrease in non-wage income, as well as an increase in the price of machines? a. An increase in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. b. A decrease in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. C. An indeterminate change in equilibrium wage, and an increase in equilibrium quantity of labor. O d. An indeterminate change in equilibrium wage, and a decrease in equilibrium quantity of labor.23 Ofal unempyt rtetatiies mi a everstate the antf unyleymet by incleding partime workers inthe cal hi understale the a f unmployt by echaing pei worken in the tio to enentate the ant of unmplet becae of the prence of "d ed workes whe wm actively weking emplyment. di understate the amot of unemployt hecae of he prenee of raged" wke whe are ttively seking emleymt.Are Uber drivers are independent contractors or employees? Why is it difficult to define?
- An oconomy has two sectors, Sector 1 and Soctor 2. For simplicity, assumo both sectors only uso labor In production, and labor Is homogeneous. Lot MPL = marglnal product of labor, APL = averago product of labor, (WIP) = real wage, the most officlont allocation of labor for this economy happens when (note: a subscript danotos the sactor, o.g., (WIP), is the real wage pald in Sector 1) O A. (W/P)1 = AP4 and (W/P)2 = APL2 OB. (W/P)1 APL1= (W/P)2 APL2 OC (W/P)1 = MPL1 and (W/P)2 = MPL2 O D. (W/P)1 = MPL1 = (W/P)2 = MPL2 %3DA country has two regions, the North and the South, which are identical in all respects except the hourly wage and the number of workers. The demand for labor in each region iswN = $20 - .5EN and wS = $20 - .5ESwhere EN and ES are millions of workers. Currently there are 6 million workers in the North and 18 million workers in the South.a. What is the wage in each region?b. If there are no shocks to the economy, migration over time will result in an equalization of wages and employment. What would be the long-run wage and employment level in each region?c. Return to the original setup where there are 6 million workers in the North and 18 million workers in the South. As a policymaker, you decide not only to allow 2 million immigrants of working age to enter your country, but you have the authority to resettle the immigrants wherever you want. How should you distribute immigrants across the regions to maximize the country’s immigration surplus? Besides maximizing the immigration surplus…As oil prices rose during 2006, the demand for alternative fuels increase. Ethanol, onealternative for fuel is made from corn. According to an article in the Wall Street Journal, theprice of tortillas, which are made from corn, also rose during 2006. “The price spike [intortillas] is part of a ripple effect from the ethanol boom”a. Draw a demand and supply graph for the corn market and use it to show the effect onthis market of an increase in the demand for ethanol. Be sure to indicate theequilibrium price and quantity before and after the increase in the demand for ethanol.b. Draw a demand and supply graph for the tortilla market and use it to show the effect onthis market of an increase in the price of corn. Once again, be sure to indicate theequilibrium price and quantity before and after the increase in the demand for ethanol.c. By 2015, the price of oil had fallen, which reduced the price of gasoline. The demandfor ethanol fell along with the price of gasoline. What impact would…
- !ll in the blanks ő 3 when demord is pre'eez elartie, an inereare in priee causer total nevenue to deereare when demand is Price- inelastie nevenue to ,a in priee CAurer tota ANNConsider an economy with two labor markets—onefor manufacturing workers and one for serviceworkers. Suppose initially that neither is unionized.a. If manufacturing workers formed a union, whatwould you expect to happen to the wages andemployment in manufacturing?b. How would these changes in the manufacturinglabor market affect the supply of labor in themarket for service workers? What would happento the equilibrium wage and employment in thislabor market?