LABOR ECONOMICS
8th Edition
ISBN: 9781260004724
Author: BORJAS
Publisher: RENT MCG
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Chapter 1, Problem 1RQ
To determine
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Expert Solution & Answer
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Labor economics is a branch of economics, which studies how the labor market works. That is, the labor economics explores the dynamics of labor markets. The main topics that are addressed by the labor economics are listed below:
- The determination of the income distribution.
- The economic impact of employers.
- The allocation of worker’s time to the labor market.
- Business hiring and firing decisions.
- The discrimination in the labor market.
- The determinants of
unemployment . - The employees’ decision to invest in human capital.
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Before the Civil War, the South traded with the North and with England. The South sold cotton and bought
manufactured goods and food. During the war, one of President Lincoln's first actions was a blockade of the
ports in the South to prevent this trade. The South had to increase its production of munitions and food.
Draw a point to show the South's production point prior to the Civil War. Label it 1.
Draw a point to show the South's consumption point prior to the Civil War. Label it 2.
During the war, the South's factors of production were severely depleted and its production possibilities
decreased. Draw a curve that shows the effects of the Civil War on the South's PPF. Label it PPF₁.
Draw a point to show the South's production point during the Civil War. Label it 3.
During the war, the South did not engage in trade. Draw a point to show the South's consumption point during
the Civil War. Label it 4.
100
80-
60-
Other goods and services (units)
☑
40-
20-
200
400
600
PPF
800
1000…
Suppose that a paper mill "feeds" a downstream box mill. For the downstream mill, the marginal profitability of producing boxes declines with volume.
For example, the first unit of boxes increases earnings by $10, the second by $9, the third by $8, and so on, until the tenth unit increases profit by
just $1.
The cost the upstream mill incurs for producing enough paper (one "unit" of paper) to make one unit of boxes is $3.50.
Assume the two mills operate as separate profit centers, and the paper mill sets the price of paper. It follows that the marginal profitability of boxes
represents the highest price that the box division would be willing to pay the paper division for boxes.. Furthermore, assume that fixed costs are $0
for the paper mill.
The following table summarizes the quantity, total revenue, and marginal costs from the perspective of the paper mill for selling paper to the box mill
at various prices.
In the following table, fill in the marginal revenue, total cost, and total…
Chapter 1 Solutions
LABOR ECONOMICS
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