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- 24. On average, wages in Canada are higher than that of many other countries in the world. What explains the difference? Please use labour demand and supply curves as a guide.1. Why wages differ For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings. Differences in Human Capital Compensating Differential Differences in Natural Ability Labor Unions Scenario Major league hockey goalies earn more than minor league hockey goalies. A law firm hires Frances, a recent graduate from law school, and pays her an annual wage of $40,000. It also hires Caroline, a second-year law student, and pays her an annual wage of $30,000. Frances and Caroline were born in the same country, attended the same university, and studied in the same graduate program. Two security guards have the same amount of schooling and work experience, but earn different wages. One of them works for a prison and earns an annual wage of $51,000 per year. Another works for a museum and earns an annual wage of $32,000 per year.
- 15. Which of the following statements is (are) correct? (x) Economists have found evidence that receiving unemployment- insurance benefits decreases the job-search effort of the unemployed. (y) We would predict that the more generous the unemployment compensation a country has, the longer the duration of each spell of unemployment, and the higher the unemployment rate. (z) A typical American worker covered by unemployment insurance receives 100 percent of their former wages for 26 weeks. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (x) onlyQuestion 1 of1 The number of people who want to be professional athletes greatly outnumbers the amount of positions available. Does this represent a surplus in the labor market for professional athletes? +100 9:41 PM 36°F 12/3/2021 近A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor (Number of workers) Output (Units of output) Marginal Product of Labor (Units of output) Value of the Marginal Product of Labor (Dollars) 0 1 77°F Mostly sunny 2 3 4 5 0 20 39 57 72 84 AAAAA 20 19 18 15 12 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate…
- A2)1. Imagine a firm that employs two types of workers - some with computer skills and others with no technology related skills. () If technology advances so that computers become more useful to the firm, what happens to the marginal product of the two types of workers? (ii) What happens to equilibrium wages? Explain, using appropriate diagrams.3. As the baby boomer generation retires, what should happen to wages and employment? Can you show this graphically? (draw it)
- Give typing answer with explanation and conclusion Question: Like social security, the Fair Labor standards Act a) All of these b) Applied to workers in large-scale enterprises c) Did not apply to women in domestic labor jobs D) did not apply to farm workers"GROWTH in retail sales slowed as expected during the covid 19 pandemic" Illustrate and explain, by making use of a supply and demand graph, the impact of the above on the wage rate and the employment level in the South African labour marketls Table Window Heip Problem Set 3-edited-Saved to my Mac Mailings Review View O Tell me AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe Normal Body Text List Paragraph No Spacing 3. A function relating wages to years of education and experience is, wage=5+300+edu+700*exper-4+edurexper-2+edu?-3+exper? (a) What is the partial effect of education (edu) on wage? How to interpret the partial effect ofedu on wage? (b) What is the partial effect of experience (exper) on wage? How the interpret the partialeffect of exper on wage? (c) For someone who has 12 years of education (edu=12) and 5 years of experience (exper=5).How will the wage change for one more year of education (if increase edu by one year)? EFocus tv
