Chun Law ECO345 Chapter 4 follow-up Question 4. If the prohibition of spot operate oners is repealed, this pull up stakes result in a permutation effect and make the hollow quest curve for factory workers to a greater extent than elastic. The greater possibility to substitute, the greater elasticity. Chapter 5 check out Question 8. The baseball team had paid $24 jillion to sham X for playing in the team for 4 years already no matter fake X stays in the team or not. If they hire a new participant to replace impostor X, the cost on the team is not only the salary of the new player but also the salary the team had paid to player X. Therefore, the manager of the baseball team refuse to hire a new player to replace player X. Problems 2. 5. (a.) Wages| preparation of Labor| Total Labor Cost| MEL| 4| 18| 72| | 5| 19| 95| 23| 6| 20| 120| 25| 7| 21| 147| 27| 8| 22| 176| 29| 6. (b.
) The hours of labor will be 20 and the wages will be $6. Chapter 6 Review Question 2. This source indicates that higher wages will advertise more(prenominal) mint to work resulting in an increase of the labor force participation rate. The reason is that more people will spend more season to work than leisure, because spending time on work will be more valuable. 8. cut back the marginal value rate will give more money to the workers from their wage checks. Nevertheless, the workers may need to pay more taxes due to the eliminating of implication and loophole. Therefore, the tax revenue could stay constant.If you take to get a full essay, order it on our website:
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