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Draw simple labor supply and demand graphs for the occupations of school teachers and plumbers to show the labor market in each profession. Assume that some workers prefer to clean drains for a living, and some prefer to teach children, but that all will change occupations if the wages are high enough.
Now assume that men face discrimination that prevents them from becoming teachers; show and explain the effect of this discrimination on wages and labor supply in both occupations graphically and in your own words.
Show the reduction in output from discrimination. Show the economic gains from eliminating discrimination. With such gains, why has it been so difficult to enact and enforce anti-discrimination policies?
Review Gerald Friedman, “The Wages of Gender,” Real World Micro, 8.3. Why are women in low-wage jobs? Do they prefer lower wages?
Some of the forces working against freer global trade are: A: bi-lateral trade agreements B. industries that are at a comparative advantage C. the support of environmental and labor groups D. strategic trade policy by national governments
Use short-run supply demand analysis to indicate how equilibrium price and quantity will change if the following changes occur in the economy. Draw a supply and demand curve for each answer and provide a brief one sentence explanation. Potatoes are a..
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
There are four shoppers in a store--A, B, C and D--who sequentially show up at two checkout lines: line number 1 and line number 2. Initially, both checkout lines are empty. A shows up first, sees which line Amy entered, and chooses between the two l..
Illustrate what would happen to total employment, the size of the labor force, and the unemployment rate? Show the results graphically.
Elucidate the nature of competition in a marketplace which is characterized by a high barrier to entry and a significant product homogeneity.
Suppose a (very small) country has a central bank who has issued 100m of money, where nominal output is 350m annually. How frequently is the average piece of money used? Give two realistic occurrences that might drive changes in the velocity of money
Suppose that a biotech firm in Pittsburgh raised $113 million in an IPO. The firm received $23 per share, and the stock sold to the public for $25 per share. The firm’s legal fees, SEC registration fees, and other out-of-pocket costs were $657,500. T..
Compute the value of deadweight loss with the new demand curve to verify your intuition about the answer to the previous question.
Where Q is the production and V is the number of employees working 8 hours a day
Compare the column for marginal product also the column for marginal cost. Illustrate what pattern do you see.
Carefully explain how these two deficits are related economically so that changes in one are reflected in changes in the other.
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