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Relative wages of the two groups

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1) Suppose the federal poverty line is defined to be $20,000 for a family of 3. If living costs are highest in California compared to every other state, what are official statistics likely to report for the poverty rate in California? Why?

2) Suppose a study was released concluding that people in group B are better and more efficient workers than people in group A, and that the study's findings were widely accepted.

a. What would we expect to happen to the relative wages of the two groups?

b. Suppose you were an entrepreneur who knew that the study was wrong. What could you do to enhance your profits?

c. Suppose other entrepreneurs acted in the same way. How would the wages of people in group B be affected?

Reference no: EM132396899

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