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Below are four hypotheses to explain changes in wage inequality in the United States between 1970 and today. For each of the four hypotheses, indicate (1) whether it predicts an increase or decrease in wage inequality and (2) give one reason why it cannot account for all of the changes in wage inequality between 1970 and today (think about different measures of inequality, such as the 90-50 differential and the 50-10 differential). For parts (a), (b), and (c), use a graph of the supply and demand for skilled labor relative to unskilled labor to illustrate your answer. (2 points each)
a) The number of college graduates in the economy has increased relative to the number of high school dropouts.
b) There has been an increase in international trade, leading to an increase in the number of imports from low-wage countries.
c) Skill-biased technological change has made high-skilled workers more productive relative to low-skilled workers.
d) The real value of the minimum wage fell during the 1980s.
Suppose that the quantity demanded for Windows 7 system is given by Q = 320 − 2P, where P is the price of the Windows 7. Let us assume that the total cost of producing Q units of Windows 7 is given by C(Q) = 500 + 0.5Q2. What is the price that Micros..
If the maker of a patented drug sells the drug at a price above the equilibrium price, then there
Silly Sally sells sea shells at the Sea Shore Store. The average and standard deviation of demand during replenishment lead time is 60 and 10?units, respectively. If Sally places an order at the end today when she has 65 units on hand what is the pro..
What are Southwest Airline's Political, Economical, Social, Technical, Legal, and Environmental Issues currently facing the company?
Why do members of the House and Senate follow complex, arcane rules and precedents in processing legislation even when such devices keep majorities from getting their way?
One tractor to be considered is a Montana. It has an initial cost of $34,000 and an annual maintenance of 175 with a salvage value of $12,000. It's useful life in years is 18. What is the value/cost closest to the annual worth of the Montana tractor ..
U(x,y)=3x+y, where x and y represent the quantities of two goods, X and Y. The ocnsumer has I=60 , to spend on the two goods, and good Y costs Py=2 per unit. The price of good x, Px is also exogenous. Calculate the consumer's elasticity of demand for..
illustrate what type of unemployment will then occur. What is the natural rate of unemployment.
Why might we imagine that this factor will continue to achieve the same effect in the future? iii. Indicate what factors might push in the opposite direction.
q1. a farmer determined a natural gas preserve on his property. he can extract the natural gas for a profit of 40 per
explain why the tax would be placed on gasoline rather than, say yachts. Illustrate what might be the long run effect of raising the price of gas.
q.the beta corporation operates in an business that has a herfindahl-hirschman key of 800. beta wants to combine with
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