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Description of Labor Economics
Fleeing political tyranny in country X, assume that 100,000 residents of X leave the nation en masse to a nearby city (City A) in a bordering country (call it country Y) that is democratic. Researchers in Y are interested in how the influx of new labor into Y has affected the local labor market of city A. They have collected the following information: Unemployment rate of native country Y residents in:
City A
Before influx of X residents 6%After influx of X residents 8%Other cities in country Y (where no one moved to)Before influx of X residents 7%After influx of X residents 10%
(a) What was the change in the unemployment rate for native residents in City A after the influx of X residents?
(b) Can this be used to show that the influx of immigrants negatively affected the native population in city A? Why or why not?
(c) Explain how you would use the rest of the information above to better assess the impact of the influx of immigrants.
(d) Discuss any problems or dubious assumptions of your procedure in (c).
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
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What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
Suppose you are reviewing an isocost graph. The axis on the graph shows capital units on the vertical axis, and labor units on the horizontal axis.
Using the dynamic augmented Phillip's Curve model (Y/PC/MR), demonstrate the effects of the Following changes. Show both the short-run and long-run effects.
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