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ppose that a large number of U.S.actuaries decide to take employment in Europe due to better benefits and work environment npanies. e following graph shows the labor market for actuaries in the United States. w the effect of the emigration on the U.S. labor market for actuaries by shifting the labor demand curve, the labor supply cu

ppose that a large number of U.S.actuaries decide to take employment in Europe due to better benefits and work environment npanies. e following graph shows the labor market for actuaries in the United States. w the effect of the emigration on the U.S. labor market for actuaries by shifting the labor demand curve, the labor supply cu

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Shifts in Labor Supply** Suppose that a large number of U.S. actuaries decide to take employment in Europe due to better benefits and work environments at European companies. The following graph shows the labor market for actuaries in the United States. Show the effect of the emigration on the U.S. labor market for actuaries by shifting the labor demand curve, the labor supply curve, or both. --- **Graph Explanation:** The graph is a labor market model with a vertical axis labeled "WAGE" and a horizontal axis labeled "LABOR." There are two intersecting lines: the downward-sloping demand curve labeled "Demand" and the upward-sloping supply curve labeled "Supply." The intersection represents the equilibrium point. - The blue line represents the Demand curve. - The orange line represents the Supply curve. - There are horizontal and vertical dashed lines extending from the equilibrium point to the axes, indicating the equilibrium wage and quantity of labor. Below the graph, there are controls labeled "Supply" and "Demand" to adjust the curves and observe the effects of changes in the labor market.
Transcribed Image Text:**Shifts in Labor Supply** Suppose that a large number of U.S. actuaries decide to take employment in Europe due to better benefits and work environments at European companies. The following graph shows the labor market for actuaries in the United States. Show the effect of the emigration on the U.S. labor market for actuaries by shifting the labor demand curve, the labor supply curve, or both. --- **Graph Explanation:** The graph is a labor market model with a vertical axis labeled "WAGE" and a horizontal axis labeled "LABOR." There are two intersecting lines: the downward-sloping demand curve labeled "Demand" and the upward-sloping supply curve labeled "Supply." The intersection represents the equilibrium point. - The blue line represents the Demand curve. - The orange line represents the Supply curve. - There are horizontal and vertical dashed lines extending from the equilibrium point to the axes, indicating the equilibrium wage and quantity of labor. Below the graph, there are controls labeled "Supply" and "Demand" to adjust the curves and observe the effects of changes in the labor market.
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