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How will this law affect firms decision on the adoption

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Reference no: EM133599845

Question: Suppose that industrial robots can undertake the current jobs executed by human labor force, then we can view the supply of industrial robot as an external shock in the labor supply, in this case, what is the effect of robot adoption on wages? And explain your findings. (Hint: Using the labor supply and demand diagram, DO IT ON YOUR SCRATCH PAPER, NO NEED TO SHOW THE GRAPH HERE). 2) Many people are overstressed about the inclusion of industrial robot in the production sector, because they believe that robots would "steal" their jobs and lower the wages. To protect the benefit of workers, the Congress has passed minimum wage law to ensure that workers' wage won't go down with the deepening of industrial robots.

1) How will this law affect firms' decision on the adoption of industrial robots? In other words, will firm demand more robots after the passing of the law? And why?

2) How will this law affect unemployment rate in the economy? And why?

Reference no: EM133599845

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