This question draws on the supply and demand analysis presented in Appendix 1A. Using a graph, show how each of the following labor markets (assumed to be competitive and initially in equilibrium) is affected by the following changes. Explain your reasoning fully. a. Labor market for math and science teachers. Wages available in private industries utilizing these skills rise. b. Labor market for university professors. College enrollments expand. c. Labor market for low-skilled workers. The 1996 federal welfare reform legislation requires that a much larger frac- tion of welfare recipients work than in the past. d. Labor market for workers who completed high school only. The workplace becomes more computerized and technically sophisticated. e. Labor market for workers who completed college or more. The workplace becomes more computerized and technically sophisticated.

This question draws on the supply and demand analysis presented in Appendix 1A. Using a graph, show how each of the following labor markets (assumed to be competitive and initially in equilibrium) is affected by the following changes. Explain your reasoning fully. a. Labor market for math and science teachers. Wages available in private industries utilizing these skills rise. b. Labor market for university professors. College enrollments expand. c. Labor market for low-skilled workers. The 1996 federal welfare reform legislation requires that a much larger frac- tion of welfare recipients work than in the past. d. Labor market for workers who completed high school only. The workplace becomes more computerized and technically sophisticated. e. Labor market for workers who completed college or more. The workplace becomes more computerized and technically sophisticated.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section20.3: Minimum-wage Laws

Problem 3QQ

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