penod-known as the Dust Bowl-major dust storms caused residents of Kansas to migrate west to such states as California and Washington. It also made the land in Kansas much less useful for producing wheat. Using the example of the Dust Bowl, show the effects of these two changes on the market for labor in Kansas on the following graph. WAGE Market for Labor LABOR Supply Demand Demand 10 Supply From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to 1 Now consider the effect this change in the labor market has on the land market. In particular, think about the effec and and the grodys of farm workers on the value of land in Kansas. decrease ninished product increase

penod-known as the Dust Bowl-major dust storms caused residents of Kansas to migrate west to such states as California and Washington. It also made the land in Kansas much less useful for producing wheat. Using the example of the Dust Bowl, show the effects of these two changes on the market for labor in Kansas on the following graph. WAGE Market for Labor LABOR Supply Demand Demand 10 Supply From the graph, you can deduce that the migration of workers leads the equilibrium quantity of labor in Kansas to 1 Now consider the effect this change in the labor market has on the land market. In particular, think about the effec and and the grodys of farm workers on the value of land in Kansas. decrease ninished product increase

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 20RQ: Whether the product market or the labor market, what happens to line equilibrium price and quantity...

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