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Labor demand for low skilled workers inthe U.S. is w=40-.15L where L is the number of workers (inmillions) and w is the hourly wage. There are 180 million domesticU.S. low-skilled workers who supply labor inelastically. If theU.S. opened its borders to immigration, 20 million low-skilledimmigrants would enter to supply labor. (Graph all parts)
a. What is the market-clearingwage if immigration is not allowed?
b. What is the market-clearing wagewith open borders?
c. Compare the loss of wages todomestic workers to the gain of wages for immigrants.
d. How much would opening bordersbenefit the entire U.S. by? Why is this figure greater than thegain to immigrants? Explain graphically.
e. The gain to the U.S. economymay not be ideal because of an issue of inequality that exists inthis situation. Explain this phenomenon.
Illustrate what are the short-term and long-term implications of states disagreeing on recognizing marriages performed in other states.
Explain how do you solve for a, b, c, e in the equations: Qd = a-bW and Qs = c+eW when you know the equilibrium wage (or price) is $4, there are 100,000 people employed, Elasticity of demand is equal to -0.4 and Elasticity of supply is equal to 0...
Find out average fixed costs when the firm produces 50 widgets per day. Find out average total and variable costs for producing 49 widgets.
Describe why the following statement is true: It is possible for average variable cost (AVC) to rise while average total cost (ATC) declines.
If the Federal Government is giving more than it receives in tax revenues in an effort to reduce unemployment
Kimberly MacKenzie, president of Kim's Clothes Corporation, a medium-sized manufacturer of women's casual clothing, is worried.
Sun City, Arizona, a retirement community that features full service living arrangements, is planning two proposals to provide lawn care to elderly residents.
Suppose the Bulyanhulu mine always producesat the scale where its marginal cost equals the selling price ofgold. Its marginal cost curve however, shifts with changes inelectricity process, wages and other factors.
Entry of firms in a monopolistically competitive industry is characterized by two "external" effects. What are these effects and how do they affect a monopolistically competitive firm. How are consumers and incumbent firms influenced by these exte..
Most countries abandoned the gold standard during the 1930s. What was the key event of that time period that led to the end of the gold standard What did countries want to do that the gold standard would have prevented them from doing 2) Both the..
Suppose we start at a position where we are at full employment. Explain what effect a contractiory fiscal policy would have on the price level and real GDP starting from full employment equilibrium. What would the effect be if we had and expansionary..
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
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