1. a. Draw the labor market. Indicate graphically and discuss the impact of the minimum wage on the labor market.
b. It has been argued that the negative impacts of a minimum wage increase (higher unemployment) is more than offset by the favorable impact on incomes (wage*labor use). Such an argument rests on the assumption that the elasticity of labor demand in response to a change in wage rates is a. Elastic; b. Inelastic c. Unitary in Elasticity. Use an example of your own derivation, to support your answer. Do not just calculate an elasticity. Calculate an elasticity that supports this position! and then show that it is supported by your calculation. This quiz is excellent preparation for the examination.
W0 = L0 =
W1 = L1 =
2. Real World Micro, 1.5. Critically summarize and analyze.
3. Real World Micro 8.5. Critically summarize and analyze.
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