Assume a firm incurs overall labor costs of $22 per hour- which includes wages and training costs. Unit training costs equals $160/h and the wage equals $20/h. How many firms are there?
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- According to the Feenstra-Hanson model of offshoring, if Japan is skilled-labour abundant and Mexico is unskilled-labour abundant, once the most unskilled-labour intensive task is offshored from Japan to Mexico, the skilled-unskilled wage ratio will: (a) Decrease in both countries. (b) Increase in Japan but decrease in Mexico. (c) Decrease in Japan but in increase in Mexico. (d) Increase in both countries.Figure 2 represents the Texas labor market. In this simplified model, labor and capital are the only factors of production. The initial supply of labor is denoted by S0 and consists entirely of U.S. workers. The demand for labor is denoted by D. Quantity of workers are in thousands and the wage rate is for a 40-hour workweek. (a) At labor market equilibrium, what is total weekly labor income? (b) At labor market equilibrium, what is the weekly income earned by U.S. capital owners? (Note: the capital owners are on the demand side – the demand curve reflects their demand for labor -- so the consumer surplus is the capital owner’s income.) Mexican labor migration yields a new labor supply curve, S1, which is the combination of domestic labor supply and Mexican labor. Given this: (c) What is total weekly labor income?(d) What is the weekly income earned by U.S. capital owners?In the competitive labor market model of this chapter, the "value of the marginal product minus the wage" (MPL xP - W) for a given unit of labor (e.g., worker) gives Group of answer choices a) the change in output from the unit of labor being considered. b) the change in profit from the unit of labor being considered. c) the change in revenue from the unit of labor being considered. d) the change in price from the unit of labor being considered. e) the change in cost from the unit of labor being considered.
- In the context of the Heckscher-Ohlin model with the two production factors capital andlabor, we have discussed that industries differ in their labor and capital-intensities.(a) Define labor and capital-intensity of an industry.(b) Explain what we mean when we assume that there are no factor intensity reversals.Illustrate the case of a factor intensity reversal using a suitable diagram.(c) Human activity, particularly the production and consumption of energy-intensive goods and the associated emissions of carbon dioxide into the atmosphere, is a major factor driving global warming. Therefore, the European Union will introduce a carbon border adjustment mechanism (CBAM) in the near future. Imagine a variant of the Heckscher-Ohlin model with two production factors labor and energy used in two industries. Define labor and energy intensity of industry in such a model. Can you think of examples of an energy-intensive industry versus a labor-intensive industry?This is not a writing assignment, this is a multiple-choice question Which of the below is NOT TRUE for human capital? Group of answer choices Human capital increases productivity. Human capital makes for healthier people. Human capital increases earning potential of workers. Human capital increases the cost of labor and makes a nation less competitive globally.The textbook discusses some strategies for correcting for ability bias when trying to estimate the rate of return to education. a) Explain ability bias. b) Discuss the method of using data on identical twins to control for ability bias. c) Discuss the method of using certain birth dates to control for ability bias. The Textbook: Labor Economics, 8th Edition, by George Borjas, published by McGraw-Hill.
- Suppose that a professor of labor economics finds that one of their research subjects has earned significantly higher wages throughout their lifetime than would be predicted by standard measured variables. The economist also notes that each of the subject's job roles was linked to social connections established at their family's yacht club. Which item from the following list most likely explains this individual’s high earnings? Chance Efficiency wages Compensating differentials Effort Suppose that Juanita receives higher pay from her company than her colleagues, despite the fact that they perform basically the same type of role. If Juanita's productivity is about 37 percent higher than that of her second-best colleague, which of the concepts from the following list can explain this wage disparity? Check all that apply. Human capital Chance Compensating differentials Efficiency wages EffortThe labor supply curve is fundamentally a representation of the trade-off people face between which of the following? technology and wages work and leisure wages and productivity work and wagesAccording to the Feenstra-Hanson model of offshoring, if Japan is skilled-labour abundant and Mexico is unskilled-labour abundant, once the most unskilled-labour intensive task is offshored from Japan to Mexico, the skilled-unskilled wage ratio will: (a)Decrease in both countries. (b)Increase in Japan but decrease in Mexico. (c)Decrease in Japan but in increase in Mexico. (d)Increase in both countries. Explain your answer clearly. Limit your explanation to 200 words.
- The endogeneity problem when estimating the effects of immigration on domestic wages is best described as A The possibility that the domestic wage distribution determines labour immigration, i.e. reverse causlity. B The possibility that the specification of the wage equation neglects a relevant variable, i.e. omitted variables. C The possibility that the wage equation assumes a wrong mathematical relationship between the variables, i.e. misspecification. D None of the above.assume the following labor supply curves: 1. N = C + .64 W -2.33 I + 0.08 K 2. N = C + 1.33 W - .59 I - .28 K 3. N = C - 1.11 W - .59I - .28K a. Determine whether leisure is inferior in the 2nd labor supply curve. b. which if any of the above three equations represent back-bending labor supply curves? justify your answer. c. which if any of the above three labor supply curves is inconsistent with theory? justify your answer.Which one is wrong considering Becker's model of labor supply? A. Makes a distinction between time-intensive goods and commodity-intensive goods. B. Time is supposed to be used for multiple purposes rather than just work and leisure. C. Adopts an absolute advantage approach. D. The model considers the entire household rather than a single individual. Only typed answer and don't use chat gpt