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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.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Elucidate what happens to Economic growth and Consumption at each stage of the cycle. At which stage of the Business cycle is your firm right now and why.
In most cases, the total value of a nation's output (GDP) is underestimated. Discuss this with particular reference to the concept of "underground economy". How does the issue of illegal immigration (undocumented immigrants) factor into the equati..
Explain the difference between demand pull inflation and cost-push inflation, illustrating your answer with examples of each
which country has the greater opportunity cost of producing olive oil b)the country which would end up exporting wine and which would export olive oil after the elimination of trade barriers.Olive Oil yield 40 barrels 30 barrels
An investor wants to earn a yield of 9% from a 10,000 bond with a coupon rate of 6% payable semiannually. The bond's life is 10 years, and it was issued 4 years ago. The eighth payment will be made immediately after the purchase. What is the ma..
To increase marketplace share, Giuseppe would like to raise sales to 750 every week. Elucidate price should Giuseppe set.
The demand for watermelons is highest during summer also lowest during winter. Yet watermelon prices are normally lower in summer than in winter.
A monopolist currently charges $50 a unit for the 100,000 units of product it produces and sells every month. An economic analysis has shown that,
What is the income gap for the bank? What will happen to profits next year if interest rates fall by 3 percentage points?
Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
Illustrate what are the roles of central bank independence and financial market development in budget deficits and inflation.
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