Homework Answers
13.
Answer: 5th option
Equilibrium of high-skilled: this is the point where DH and SH intersect. The corresponding wage in the vertical axis is $20.
Equilibrium of low-skilled: this is the point where DL and SL intersect. The corresponding wage in the vertical axis is $10.01.
Wage differential is between Equilibrium wage of low-skilled ($10.01) and equilibrium wage of high-skilled ($20.00).
12.
Answer: 3rd option
The increase in income of poorer class (20%) actually reduces inequality; this makes the curve more diagonal, which is the way of shifting towards the line of equality.
Other options are not correct.
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1. If the current equilibrium wage rate is $3 per hour, how
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1. If the current equilibrium wage rate is $3 per hour, how
many hours of labor will you hire?
2. How much output will you produce?
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