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Consider a labor market where the demand for a particular category of labor is given by the equation LD = 20 – 2W. Suppose that the supply curve of workers in this market who are also native-born citizens is given by LN = 2W, while the supply curve of immigrants in this market is given by LI = W, where L represents the number of workers, W is the wage expressed in real terms, and the subscripts D, N, and I are used to distinguish between the quantity of labor demanded and the quantity of labor supplied by native-born and immigrant workers. Answer the following 3 questions.
a. Find the market-clearing wage and employment level assuming immigration is not allowed.
b. Find the market-clearing wage and employment level after allowing for immigration. (Hint: you may find it useful to sketch the curves first, though this is not necessary). How many native jobs are lost to immigrants?
c. Compute the total earnings of native-native-born workers in this market before and after immigration. How much is their earnings reduced?
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The daily demand and supply of fish in Fire Island, NY is described by the following equations: What is the market price of fish in Fire Island? How much is consumer and producer surplus?
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Which of the following government actions promotes monopolistic behavior?
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Suppose you were given a choice to select from a menu of items in your employee benefits package. The menu might include medical coverage ($1500 deductable), life insurance equal to a year's salary, vacation time based on length of employment with th..
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