ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Consider a simple demand-and-supply model of a competitive labour market in a small town. The demand and supply curves for labour are given by Demand: w=24-3LD S Supply: w=6+3L where w is the wage ($ per hour) and L is the number of hours of employment (measured in thousands of hours per month). a. Use the line drawing tool to plot the demand and supply curves in the graph at the right. Use points with labour hours value of 0 and 5 to draw the lines. Label the lines properly. Carefully follow the instructions above, and only draw the required objects. Wage ($ per hour) 24- 22- 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- 0- 0 Labour Market 2 3 4 Labour (thousands of hours per month) 5arrow_forwardIn addition to it being illegal to enter the U.S. without a visa or to over-stay one’s visa, it is also illegal for U.S. employers to hire undocumented or “illegal” immigrants. Meanwhile, federal U.S. enforcement of immigration laws tends to concentrate resources on reducing illegal immigration rather than on prosecuting U.S. firms for employing undocumented workers. Using supply and demand analysis, show what would happen to the wage and employment level of undocumented workers if the government reduced its efforts to prosecute employers.arrow_forwardSuppose the demand for burger flippers is LD = 400 – 20W where L=number of burger flippers and W=nominal wage rate ($/hr.) The equilibrium wage is $5 but the government mandates a $6 minimum wage. Draw a graph to show what happens to the labor demand for burger flippers after this minimum wage law is enacted. Suppose there is an uncovered sector (no minimum wage law) where LS = -100 + 80W and LD = 300 – 20W before the minimum wage law is put into effect. Suppose all the workers that can’t find jobs as a result of the minimum wage law enter the uncovered sector. Compute how the labor supply function changes. Calculate the equilibrium wage and employment in the uncovered sector? Draw another graph illustrating these effects. Don't copy solutions from other sites!!!!!arrow_forward
- The statements relate to immigration or inequity as it relates to immigration. Identify each statement as either true or false. Statement 1: Countries with even slightly higher standards of living should expect an influx of immigration from their neighboring countries if those countries have a lower standard of living. Statement 2: There is empirical evidence that immigration leads to large increases in unemployment, which causes wages to drop drastically. Statement 3: As a potential solution to an influx of immigration, Case, Fair, and Oster (2012) cite a study by the International Monetary Fund (IMF) stating that free trade can help to reduce inequity, thereby reducing the need for immigration. Statement 4: Immigration is a local, city‑wide concern as opposed to being a national, country‑wide concern because immigrants stay in the city where they first arrive. Statement 5: Technological change will not cause low‑skilled workers to immigrate to another country with a higher…arrow_forwardHow might immigration impact the market for labor in the home country? how does it affects the supply of labor, the demand for labor, and equilibrium wages in the home country?arrow_forwardIn the third division of labor during the upper barbarism appear: a) farmers and herdsmen b) goldsmiths and merchants c) kings and priests d) warriors and slaves (Choose one option)arrow_forward
- The labor supply curve is the relationship between the wage level and the quantity of labor that workers are willing to provide. Why is applying the usual ceteris paribus assumption more complicated in this case than when weapply it to the product market?arrow_forwardConsider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $8.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $10.00 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. 020040060080010001200140016001614121086420WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, union workers will be employed.…arrow_forwardAll of the following are true regarding immigration in the United States except: Select the correct answer below: Immigration increases the labor supply. O Immigration impacts state and local government budgets. Employers of high skilled workers in science and technology typically support strong policies against immigration and prefer not to hire immigrant workers. The overall gains to the U.S. economy from immigration seem to be real but small.arrow_forward
- In general, different jobs pay different wages. One overarching reason is that different jobs have different characteristics, with wages serving to compensate for those different characteristics. Consider two virtually identical individuals, employed in the same occupation and working in the same region. One of the individuals works in Industry A, while the other works in Industry B. Assume that the individual working in Industry A earns a higher wage than the individual working in Industry B.Describe three differences between Industries A and B that could each help explain the different wages paid to the two workers.[Note: There are multiple correct ways to answer this question. Use your knowledge of inter-industry wage differences to develop your answer.]arrow_forwardIn addition to it being illegal to enter the U.S. without a visa or to over-stay one's visa, it is also illegal for U S. employers to hire undocumented or illegal immigrants. Meanwhile, federal U S. enforcement of immigration laws tend to concentrate resources on reducin gillegal immigration rather than on prosecuting U S. firms for employing undocumented workers. Using supply and demand analysis, show what would happen to the wage and employment level of undocumented workers if the government pursued more active enforcement of employers. According to your model, what would happen to the wage ansd employment level of documented workers?arrow_forwardSuppose the labor market is segmented into two distinct markets: the market for low-skill workers and the market for high-skill workers. Furthermore, suppose the competitive equilibrium wage in the low-skill market is $7.00/hour, while the competitive equilibrium wage in the high-skill market is $20.00/hour. If the minimum wage is set at $10.00/hour, which market will exhibit the greatest amount of unemployment? Demonstrate it graphically.arrow_forward
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