חי alt_Midterm1.docx (100 KB) | A Alternative formats A. In February 2018, the current administration proposed a $2.2 billion budget increase for Secrete Service to hire 450 special agents, officers and professional staff in an effort to detain and deport illegal immigrants. At the same time, there was also a simultaneous immigration of many H1-B visa workers (legally employed in the US) from the U.S. to Canada due to delays in obtaining green card. Assume that this is a temporary phenomenon for the American labor market. Use the model of AD and AS to explain what you think will be the impact of the above two scenarios on the real GDP and price level? Explain and show graphically. [4 pts] B. Are the salaries of these H1-B workers included in the US real GDP? Explain. [1 pt] 0 MAY 13 S LORIRY a F4 F5 F6 5 % 6 & 7 ト Y U

A firm would hire 22579 workers if the wage rate is $16 and would hire 17222 workers if the wage rate is $24. What is the firm's elasticity of labor demand? (please make sure your answer has the correct sign)

The city of New Orleans has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $100,000 a year. The companies that employ normal designers each collect $500,000 in revenue a year, which is just enough to ensure that each earns exactly a normal profit. The 200th company, however, employs Janus, an unusually talented designer. Because of Janus's talent, this company collects $1,000,000 in revenue a year.   a. How much will Janus earn?   Instructions: Enter your response as a whole number.   $ per year.   How much of her annual salary will be economic rent?   Instructions: Enter your response as a percentage rounded to the nearest whole number.   %.   b. Will the advertising company for which Janus works be able to earn an economic profit?   multiple choice Yes, because the company earns far more than other companies. No, because Janus is the only employee in the company. No, because the additional revenue she brings in, which is economic…

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Charles is a volunteer fire fighter living in San Diego who works as a caddy to supplement their normal income. At an hourly wage rate of $40, they are willing to caddy 1 hours per week. Upping the wage to $65 per hour, they are willing to caddy 4 hours per week. Using the midpoint method, the elasticity of Charles's labor supply between the wages of $40 and $65 per hour is approximately means that Charles's supply of labor over this wage range is which

Among single non-college-educated women aged 30 – 40, average hours worked per week is 30 and the average wage is £12 per hour. A researcher collects data and finds that when the average wage increases to £15 per hour, average hours worked per week is now 27 hours. a) What is the elasticity of labour supply for this group of workers? Interpret your findings. Can you think of reasons for the sign of the elasticity for this particular group?      b) Do you assume the elasticity of married non-college-educated women aged 30 – 40 to be similar? Briefly explain your reasoning.

Suppose a project needs to hire 50 electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the local area and 20 are estimated to be unemployed. The MEBT (marginal excess tax burden ) is 0.2. After electricians are hired for the project, the local wage increases to 65K/year and the number employed locally increases to 510. 1)Estimate the opportunity cost of hiring the workers.

Eric is a stay-at-home parent who lives in New York City and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 2 hours per week. At $75 per hour, he is willing to tutor 6 hours per week. Using the midpoint method, the elasticity of Eric’s labor supply between the wages of $50 and $75 per hour is approximately , which means that Eric’s supply of labor over this wage range is .

Carlos is a stay-at-home parent who lives in Philadelphia and provides math tutoring for extra cash. At a wage of $20 per hour, he is willing to tutor 2 hours per week. At $35 per hour, he is willing to tutor 11 hours per week. Using the midpoint method, the elasticity of Carlos's labor supply between the wages of $20 and $35 per hour is approximately 2.54 ▼ , which means that Carlos's supply of labor within this wage range is inelastic

The following table exhibits the name, gender, height, and minimum wage 10 people are willing to accept to work as human resource specialists at a large financial firm. Name Tim Poornima Valerie Manuel Shen Caroline Antonio Jake Dmitri Frances Gender M F F M M F M M M F Height (Inches) 66 66 68 70 70 66 71 70 63 68 Minimum Wage (Dollars per week) $296 $318 $340 $351 $373 $395 $417 $439 $450 $472