The fairness of the given situation.

Question

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Answer 1

Question

Chapter 14, Problem 1DQ

To determine

The fairness of the given situation.

Expert Solution & Answer

Explanation of Solution

In the given situation, both the proposals are not fair for poor people. Such people have less discretionary income and may cut back the usage more than the other people. The group of people who are unfairly harmed are those who use large quantities of water or electricity and they face difficulty in cutting back. In fact, questions related with fairness are much difficult to answer by the economists. The criteria for efficiency are objective, but the criteria for fairness are subjective. Thus, the better way to do is to explain the criteria clearly.

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M” method Given the following model, solve by the method of “M”. (see image)

As indicated in the attached image, U.S. earnings for high- and low-skill workers as measured by educational attainment began diverging in the 1980s. The remaining questions in this problem set use the model for the labor market developed in class to walk through potential explanations for this trend. 1. Assume that there are just two types of workers, low- and high-skill. As a result, there are two labor markets: supply and demand for low-skill workers and supply and demand for high-skill workers. Using two carefully drawn labor-market figures, show that an increase in the demand for high skill workers can explain an increase in the relative wage of high-skill workers. 2. Using the same assumptions as in the previous question, use two carefully drawn labor-market figures to show that an increase in the supply of low-skill workers can explain an increase in the relative wage of high-skill workers.

Answer 2

Question

Chapter 14, Problem 1DQ

To determine

The fairness of the given situation.

Expert Solution & Answer

Explanation of Solution

In the given situation, both the proposals are not fair for poor people. Such people have less discretionary income and may cut back the usage more than the other people. The group of people who are unfairly harmed are those who use large quantities of water or electricity and they face difficulty in cutting back. In fact, questions related with fairness are much difficult to answer by the economists. The criteria for efficiency are objective, but the criteria for fairness are subjective. Thus, the better way to do is to explain the criteria clearly.

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Answer 3

Question

Chapter 14, Problem 1DQ

To determine

The fairness of the given situation.

Expert Solution & Answer

Explanation of Solution

In the given situation, both the proposals are not fair for poor people. Such people have less discretionary income and may cut back the usage more than the other people. The group of people who are unfairly harmed are those who use large quantities of water or electricity and they face difficulty in cutting back. In fact, questions related with fairness are much difficult to answer by the economists. The criteria for efficiency are objective, but the criteria for fairness are subjective. Thus, the better way to do is to explain the criteria clearly.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 14, Problem 1DQ

To determine

The fairness of the given situation.

Expert Solution & Answer

Explanation of Solution

In the given situation, both the proposals are not fair for poor people. Such people have less discretionary income and may cut back the usage more than the other people. The group of people who are unfairly harmed are those who use large quantities of water or electricity and they face difficulty in cutting back. In fact, questions related with fairness are much difficult to answer by the economists. The criteria for efficiency are objective, but the criteria for fairness are subjective. Thus, the better way to do is to explain the criteria clearly.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 14, Problem 1DQ

To determine

The fairness of the given situation.

Expert Solution & Answer

Explanation of Solution

In the given situation, both the proposals are not fair for poor people. Such people have less discretionary income and may cut back the usage more than the other people. The group of people who are unfairly harmed are those who use large quantities of water or electricity and they face difficulty in cutting back. In fact, questions related with fairness are much difficult to answer by the economists. The criteria for efficiency are objective, but the criteria for fairness are subjective. Thus, the better way to do is to explain the criteria clearly.

Answer 6

Chapter 14, Problem 1DQ

To determine

The fairness of the given situation.

Expert Solution & Answer

Explanation of Solution

In the given situation, both the proposals are not fair for poor people. Such people have less discretionary income and may cut back the usage more than the other people. The group of people who are unfairly harmed are those who use large quantities of water or electricity and they face difficulty in cutting back. In fact, questions related with fairness are much difficult to answer by the economists. The criteria for efficiency are objective, but the criteria for fairness are subjective. Thus, the better way to do is to explain the criteria clearly.

Answer 7

Chapter 14, Problem 1DQ

To determine

The fairness of the given situation.

Answer 8

Expert Solution & Answer

Explanation of Solution

In the given situation, both the proposals are not fair for poor people. Such people have less discretionary income and may cut back the usage more than the other people. The group of people who are unfairly harmed are those who use large quantities of water or electricity and they face difficulty in cutting back. In fact, questions related with fairness are much difficult to answer by the economists. The criteria for efficiency are objective, but the criteria for fairness are subjective. Thus, the better way to do is to explain the criteria clearly.