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Consider an economy with two separate regions: A and B. There are 100 million workers in total who supply their labor in elastically. The demand for labor (in millions) in region A is EA = theta *100 15 wA and in region B it is .EB = theta *100 15 wB
a) Assume that initially theta = 1 and that the regional labor market has settled down to its long-run equilibrium. What are the equilibrium wages and employment levels in the two regions?
b) Now suppose that a positive demand shock strikes region A and that theta increases from theta = 1 to theta = 1.5.. i. Immediately after the shock, and before any migration takes place, what happens to the wages in the two regions? ii. What is the new long-run equilibrium? How many workers migrate from region B to A?
iii. Suppose that, like the Chinese government, the authorities attempt to restrict internal migration by issuing mobility permits. What is the outcome if the government provides only 10 million permits to region B's residents?
Interpret these results. Is profit per employee much sensitive to industry-specific or firm-specific factors for this sample of giant corporations.
Decrease will have on the desired proportions of capital and labor used in producing the given level of output at minimum total cost.
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It is always better to hire a more qualified and productive worker then a less qualified and productive one regardless of cost.
q1. assume that a leader country has real gdp per capita of 40000 whereas a follower country has a real gdp per capita
Explain why might the private market not reach the socially optimal level of traffic without the help of government.
What are all producers assumed to maximize?
Open a Word document and insert the image by pressing the Ctrl+V keys simultaneously. Give reasons to explain what the government would have to do to keep the unemployment rate at 3 percent
for what interest rate will the maximum number of housing starts be achieved?
Be sure to label all axis and curves on your graphs. Elucidate in writing to what market your derivation brings equilibrium and how it accomplishes this.
Illustrate what output would be produced, Illustrate what would total profits be also Illustrate what rate of return would the firm earn in its asset base.
Many are concerned about health conditions in American schools, particularly since children frequently catch infectious diseases from each other. One child with an illness might give the disease to all of the others at
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