economics
Economists argued that temporary labor wage differentials tend to be eroded by labor mobility. Consider the two markets for sheet-ir on workers and steel-pipe workers in the same region. Suppose both markets are competitive. We begin in a situation in which both sheet-iron workers and steel-pipe workers earn $20 per hour. Assume that workers can switch easily between the two jobs.
Draw diagrams showing the supply and demand for labor in each market.
Now suppose there is a sharp increase in the demand for steel pipe. Explain what happens in the market for steel-pipe workers
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2. Economists argued that temporary labor wage differentials tend to be eroded by labor mobility. Consider the two...
2. Economists argued that temporary labor wage differentials tend to be eroded by labor mobility. Consider the two markets for sheet- iron workers and steel-pipe workers in the same region. Suppose both markets are competitive. We begin in a situation in which both sheet-iron workers and steel-pipe workers earn $20 per hour. Assume that workers can switch easily between the two jobs. e. What is the long-run effect of the shock on the relative wages in the two types of...
DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers)...
DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers) tends to be the most competitive as it has no entry barriers and its wages tend to be the lowest. The semi-skilled labor market (electricians, machinists, assembly line workers) is somewhat less competitive and has some moderate entry barriers (apprenticeships, master's licenses, unions) where its wages tend to be higher than in the unskilled labor market. The highly skilled labor market (doctors, economists, lawyers...
Consider an economy with two labor markets: one for manufacturing workers and one for service workers. Suppose initially that neither is unionized.
Consider an economy with two labor markets: one for manufacturing workers and one for service workers. Suppose initially that neither is unionized. Which of the following will happen to the manufacturing labor market if manufacturing workers formed a union? Check all that apply. The wage of manufacturing workers will fall. The demand for manufacturing workers will remain unchanged. The supply of manufacturing workers will increase. Some manufacturing workers will become unemployed. Which of the following describes the effect of the changes in the manufacturing labor market...
Leadbelly Co. Sells pencils in a perfectly competitive product market and hires in a perfectly competitive...
Leadbelly Co. Sells pencils in a perfectly competitive product
market and hires in a perfectly competitive labor market. assume
that the market wage rate for workers is $150 per day.
A.
What rule should Leadbelly follow to hire the profit-maximizing
amount of labor?
B.
At the profit-maximizing level of output, the marginal product of
the last work or hired is 30 boxes of pencils per day. Calculate
the Price of a box of pencils.
C.
Draw a diagram of the...
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Consider the following model of the labor market in the United States. Suppose that the labor...
Consider the following model of the labor market in the United States. Suppose that the labor market consists of two parts, a market for skilled workers and the market for unskilled workers, with different demand and supply curves for each as given below. The initial wage for skilled workers is $20 per hour; the initial wage for unskilled workers is $7 per hour. a. Draw the demand and supply curves for the two markets so that they intersect at the...
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Suppose you work for the Immigration and Naturalization Service (INS) and are responsible to access the potential impact of an increase in immigration on the domestic labor market. Since you’re a trained labor economist you’ve correctly identified that you have a market for domestic assembly plant workers parameterized by the labor supply and demand equations LSD=?30+6Wand LD=170?2W where W = an hourly wage and L = 100’s of workers. You also know that the migrating workers will have a labor...
3. The demand and supply functions for labor are as follows: Supply: L0.5w where Ld is...
3. The demand and supply functions for labor are as follows: Supply: L0.5w where Ld is the number of workers demanded by firms, L' is the number of workers supplied by households, and w is the wage per worker (i.e. the price of labor). Solve for the equilibrium wage and the equilibrium number of workers. Illustrate this equilibrium in a graph with w on the vertical axis and L on the horizontal axis. a. b. Suppose the government sets a...
2. Economists argued that temporary labor wage differentials tend to be eroded by labor mobility. Consider the two markets for sheet- iron workers and steel-pipe workers in the same region. Suppose both markets are competitive. We begin in a situation in which both sheet-iron workers and steel-pipe workers earn $20 per hour. Assume that workers can switch easily between the two jobs. e. What is the long-run effect of the shock on the relative wages in the two types of...
DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers) tends to be the most competitive as it has no entry barriers and its wages tend to be the lowest. The semi-skilled labor market (electricians, machinists, assembly line workers) is somewhat less competitive and has some moderate entry barriers (apprenticeships, master's licenses, unions) where its wages tend to be higher than in the unskilled labor market. The highly skilled labor market (doctors, economists, lawyers...
Leadbelly Co. Sells pencils in a perfectly competitive product
market and hires in a perfectly competitive labor market. assume
that the market wage rate for workers is $150 per day.
A.
What rule should Leadbelly follow to hire the profit-maximizing
amount of labor?
B.
At the profit-maximizing level of output, the marginal product of
the last work or hired is 30 boxes of pencils per day. Calculate
the Price of a box of pencils.
C.
Draw a diagram of the...
3. The demand and supply functions for labor are as follows: Supply: L0.5w where Ld is the number of workers demanded by firms, L' is the number of workers supplied by households, and w is the wage per worker (i.e. the price of labor). Solve for the equilibrium wage and the equilibrium number of workers. Illustrate this equilibrium in a graph with w on the vertical axis and L on the horizontal axis. a. b. Suppose the government sets a...
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