EBK MICROECONOMICS: PRIVATE AND PUBLIC
16th Edition
ISBN: 8220103612142
Author: Gwartney
Publisher: Cengage Learning US
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Chapter 15, Problem 5CQ
To determine
Property right on income and its impacts.
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While visiting and chatting with an old friend who lives in a rural area, a man's teenage daughter joins the conversation and shared that she wants to work on a farm after she graduates from college and that farming is her passion. She shared the graph that follows from the Bureau of Labor Statistics that she recently obtained that shows the average wage (salary) by profession. She was very confused about why different professions pay people different wages. She was expecting the pay rate for people who work in the farming industry to be paid more than other “unnecessary” professions. While sharing the data with you, she asked the following questions:
Why do workers in business and financial operations get paid more than those who work in farming and health care? After all, farmers make food and health care workers help people’s health.
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Chapter 15 Solutions
EBK MICROECONOMICS: PRIVATE AND PUBLIC
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