+1-415-670-9189
info@expertsmind.com
What is competitive equilibrium outcome in labor market
Course:- Microeconomics
Reference No.:- EM13700107




Assignment Help
Assignment Help >> Microeconomics

There are two distinct sectors: taxidermists (X) and tap dancers (T). It is surprising that there is complete labor mobility between the two sectors. There are 200 equally talented workers who supply their labor in elastically. The demand for taxidermists is EX = 190 - 10 WX, and the demand for tap dancers is ET = 160 -5 W T.

a) What is the competitive equilibrium outcome (equilibrium wage and employment level in each sector) in this labor market?

b) What would happen if the government imposed a minimum wage of $12 that covered only the tap dancer sector?




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
What levels of G and T are needed to both move to full employment at Yf and balance the budget? Now assume economy is operating at full employment and that the budget is bal
It sells for $10,000 (with helium) and will produce 4 kilowatts of electricity at its ground station. If the cost of electricity is $0.08 per kilowatt-hour, how many months
Using a real world experience in a free market (not government regulated) to explain a change that occurred in supply or demand as a result of world events that led to the nee
The park and recreation department of Cass County has estimated that the initial cost of a park will be $2.3 million. Annual upkeep costs are estimated at $ 120,000. Benefits
What has been the long-term trend in the exchange value of the dollar? What effect should changes in the exchange rate during this period have had on U.S. net exports? Briefly
What are the advantages and disadvantages of free trade From an economic point of view, is free trade better than limited or no trade Have you benefited from free trade how
Describe the current culture of the outsourcing country. Illustrate your company's ability to manage both multiculturalism and diversity in order to build multicultural team
There are two assets that consumers can use in order to provide for future consumption: there is a short-term liquid asset and a long-term illiquid asset - does the planner