How will each of the following scenarios impact the market for labour Worldwide demand for exports surge Impact on supply of labour Impact on demand for labour Impact on wage rate Impact on employment level Choose... Choose... Choose... Choose... <> > (▶ >
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- Impact on employment level Choose... How will each of the following scenarios impact the market for labour A technological change occurs that increases productivity of all workers. Impact on supply of labour Impact on demand for labour Impact on wage rate Impact on employment level Choose... Choose... Choose... Choose... + +In each of the following cases, classify the person as cyclically unemployed, structurally unemployed, frictionally unemployed or not in the labour force. Firm 1 buys out Firm 2 and lays off Firm's 1 administrative staff. As production processes become more sophisticated, people who leave school without CXC subjects are unable to find employment. Worker 3 won the lottery and quit her job. She is not seeking a new job. Choose... Choose... Choose... (▶ Choose... Not in the Labour Force Frictional unemployment Structural unemployment Cyclical unemploymentHow would I analyze how the equilibrium wage and number of working hours will change when a company has a great demand for workers (i.e. grocery stores now) yet some current workers don't want to work as many hours? How would I explain the three cases that would depend on the relative size of change in labor demand and labor supply? For example. Case 1. Change in supply(∆LS)| = |Change in Demand(∆LD )| . Case 2: |∆LS| > |∆LD| . Case 3: |∆LS| < |∆LD| I'm trying to understand how the equilibrium wage and number of working hours will change under these different scenarios. Thanks
- Explain how and why the method of instrumental variables allows us to estimate the labor demand elasticity.describe the effects of a rightward shift in labor demand on labor market eqSuppose that the condition in part (a) holds and wages adjust to equilibrate labor supply and labor demand. Calculate the wage and employment in each sector. What is the a) Equilibrium wage? b) Emplyment in the Manufacturing sector c) Employment in the Service Sector?
- E1 3. [Employment and Unemployment] Suppose a country has a working-age population of 500people. The demand and supply functions of its labor market are:w=300-0.5L w=60+0.1Lwhere w is the wage, L is the quantity of labor. The labor market has search friction so thatthose that are looking for a job may not immediately find one even when there are openings.Specifically, Assume the number of job matches (i.e. employment) is given by: 0.8L(a) Find the equilibrium wage and the actual number of employed people. Calculate thelabor force participation rate and unemployment rate. (b) The COVID-19 pandemic lowers the labor demand, and the new labor demand becomesw=240-0.5L. Assume that the wage can adjust quickly, find the equilibrium wage and theactual number of employed people during the pandemic. (c) Briefly explain in words, and with a specific example of each, the difference betweenstructural and frictional unemployment.Computerization/automation have led to job growth in O jobs whose tasks are largely non-routine O jobs whose tasks are largely routine manual O jobs whose tasks are largely routine cognitiveDiscuss the available tools to address labour shortage issues in th uk
- How will each of the following scenarios impact the market for labour Worker preferences change so that the workers prefer consumption of market goods to consumption of leisure. Impact on supply of labour Choose... Impact on demand for labour Choose.... Impact on wage rate Impact on employment level Choose... Choose... 4 4 4Consider an economy that experiences an outflow of working age people and a decline in aggregatelabour supply as a result. Suppose the aggregate labour demand curve is not affected by this change.(a) Explain, with the aid of the labour-market-equilibrium diagram, how this will affect the equilibriumreal wage and the full-employment level of employment. (b) Explain, with the aid of three separate IS-LM-FE diagrams, how this will affect real output, realinterest rate and the general price level in three steps:(i) before the general price level adjusts;(ii) when the general price level is adjusting;(iii) after the price adjustment process is completed.Is the general price level increasing or decreasing during the price adjustment process? Explain theintuition of your answer with reference to the AD-AS framework.Suppose a firm’s hourly marginal product of labour is given by MPN = 0.2(200 − N), where N is the number of labour hours used in production. The amount of labour supplied by workers, NS, is given by NS = 100 + 5w, where w is the real wage. (a) Suppose the current real wage is equal to 20. How much labour will the firm want to hire? How much labour will the workers want to supply? Is there excess supply or excess demand of labour in the economy? Do you expect the real wage to go up or go down in this case? (b) Find the equation of the labour demand and calculate the equilibrium levels of real wage and full-employment. (c) If the government decides to tax the labour income, the equation of labour supply becomes NS = 100 + 5(1 − τ )w. Suppose τ = 40%. Repeat part (b). Compared to the results in (b), do the equilibrium levels of real wage and full-employment increase or decrease? Provide an intuitive explanation to your answers.