Suppose that Palm Island, the world’s largest grower of coconuts, plans to build its first airport on 100 acres of productive farm land. Palm Islanders expected the world price of coconuts to rise by 200 percent next year and remain high for the next decade. Explain the influence of these events on Palm Island’s labor market and land market.

Graphically illustrate and explain the impacts of simultaneous increase in market size (number of buyers) and technological advancement on the equilibrium market price and quantity of a commodity, such as automobiles in the USA.

What happens to the supply curve for labor (shifts to the right/left or stays the same) in the following situations: a) On factory workers: Factory workers’ union negotiated a lower standard work rule, where their minimum number of shirts produced be 60 shirts per day instead 100 shirts per day. b) On airline pilots: After the deregulation of the airlines, nonunion airlines increased their market share by 30 percent. c) On medical doctors:The state of Maharlika began to allow nurses to assume more of physicians’ responsibilities. d) On Wakandan Uranium miners: China agreed to limit its exports of Uranium to Wakanda

Explain the impact that supply and demand have on pricing. Include how supply and demand is influenced by the labor market and the role of the labor union. Also, compare and contrast the impact different types of market structures have on supply and demand.

In an industry that requires workers with specific skills, initially the market for labor is in equilibrium.  Then a government-sponsored training program increases the number of qualified workers. In that scenario, equilibrium wage __________ and the quantity of workers employed __________.

The graph below shows the market for labor (coal miners). New coal-mining equipment is invented that is cheap and requires fewer workers to run. Demonstrate the effect this equipment has on the demand for coal miners. Provide your answer below: Wage Supply New Equilibrium Original Equilibrium Demand Quantity of Coal Miners