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- Would you expect the presence of labor unions to lead to higher or lower pay for worker-members? Would you expect a higher or lower quantity of workers hired by those employers? Explain briefly.What happens to the unemployment rate when unemployed workers are reclassified as discouraged workers?What is the difference between being unemployed and being out of the labor force?
- 10) Imagine a firm that hires two types of workers—some with computer skills and some without. If technology advances, so that computers become more useful to the firm, what happens to the marginal product of the two types? What happens to equilibrium wages? Explain, using appropriate diagrams.8 What is the size of the labor force in the United States in percentage terms of the population?1.) Suppose the supply curve for labor in a competitive industry is given by Ls = 10 + w and the demand curve for labor is Ld = 40-4w. What is the equilibrium wage and employment? What is the unemployment rate? Suppose now that all firms pay an efficiency wage of $8/hr. How many workers lose their jobs? What is the increase in the size of the labor force? What is the increase in the labor force participation rate? What is the new unemployment rate?2.) Two individuals, Ms. S and Ms. T, just graduated from college and are looking for jobs. Both individuals have only limited amounts of savings. As a result, their reservation wages are identical. However, Ms. S had the opportunity to take this class, so her skills are superior to those of Ms. T. Answer the following questions, providing graphs to demonstrate what is occurring where appropriate.(a) How does the expected duration of unemployment compare across the two individuals?(b) How does the wage each individual expects to receive…
- 18. Europe has become more economically integrated over the past few decades and its economists have been interested in how this has impacted wages. As one example, Germany gave many Czech workers who live near the border work permits so they could apply for jobs in Germany. What does our model predict this did to wages and labor hired in Germany? a. w 1, L ↑ b. w J, L I C. w ↑, L ↑ d. w 1, L I5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. 0125250375500625750875100020.017.515.012.510.07.55.02.50WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $7.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Wage Labor Demanded Labor Supplied Shortage or Surplus? (Thousands of workers) (Thousands of workers)…Is it fair that employers can permanently replace economic strikers? Does the right to strike mean much if striking employees are subject to permanent replacement? 250 word please
