What are the two main assumptions underlying

Question 1:

a) What are the brace ocean assumptions subordinatelying the “neoclassical” supposition of a short-run drudge call-coercion incurvation that is reduced in preferment wage rates (i.e., the “Law of Call-for”)?

b) Suppose there is a stable with brace inputs of coercionmation, drudge (L) and cardinal (K), with associated prices w and r, respectively. Also postulate that the stable faces competitive input and work markets and that the brace inputs are sensual complements in coercionmation. Pretence graphically the long-run drudge call-coercion as the wage extensions. What happens to long-run call-coercion coercion cardinal? Be unmistakable to pretence the layer and adherence property of a wage extension on the call-fors coercion drudge and cardinal.

Question 2:

a) What are the Marshall’s Rules of Derived Call-coercion coercion drudge?

b) The North American Free Dealing Consonance (NAFTA) – which came into coercionce on January 1, 1994 – created a trilateral dealing bloc between the United States, Canada and Mexico. Single termination of the consonance was the exportation of U.S. tariffs on textile imports from Mexico. How would the elasticity of call-coercion coercion drudge in the U.S. textile activity been fictitious by this? Explain using bearing Marshall’s Rules.

c) The U.S. Environmental Protection Agency (EPA) announced that greenhouse gases (GHGs) deter the open bloom and well-being of the American nation, as they are the principal driver of temperature veer. As a termination, the EPA plans to formal limits on legal carbon dioxide (CO2) emissions and exact the installation of stain abatement technology (i.e., deed) in plants emitting CO2. Since fossil fuel industries (ease and coal) are incompact the biggest sources of CO2 emissions, how command these newlightlight regulations pretend the elasticity of the drudge call-coercion in these industries? Explain using bearing Marshall’s Rules.

Question 3:

a) What is a counterfactual, and what is the essential collection of causal conclusion? How does stray ordinance of a texture discourse this collection?

b) Describe David Freedman’s sights on whether applying econometric techniques (e.g., return resolution) to non-experimental (gregarious investigation) axioms adequately discoursees this collection. Embrace Freedman’s sights on the role of “research design” and scrutinize how John Snow’s “cholera” consider fits into Freedman’s discernment of the overuse of statistical techniques in the gregarious investigations. 2

Question 4:

a) According to the neoclassical sight of drudge markets, what is the likely issue of an extension in the federal insufficiency wage on the possession of low-wage workers? Describe and pretence graphically. What happens to the bearing hues of low-wage workers if the elasticity of the drudge call-coercion incurvation is ocean than single in irresponsible esteem?

b) Describe little brace experimental studies trained in assort that scrutinize the property of insufficiency wage veers on the possession of low-wage workers. In your description, embrace the experimental methods (i.e., texture and regulate groups) and the ocean findings of each consider. Is this testimony consonant with the forecastions of the neoclassical drudge call-coercion supposition?

c) Suppose the governor of Ohio is regarding eminence the insufficiency wage and wants to coercionecast the issue of this extension on the possession of restaurant workers. To forecast the possession property, the governor’s analysts enjoy applied a “difference-in-differences” access utilizing the reality that Ohio extensiond the insufficiency wage from $7.00 to $7.30 on January 1, 2009, suitableness Pennsylvania’s insufficiency wage did not attributable attributable attributable veer on January 1, 2009. From the class of veers in the possession of low-wage workers in Ohio from April 2008 to April 2009 not-absolute to the veers in Pennsylvania during the identical opportunity bound, they concluded that the insufficiency wage extension procure account a diminution in the possession of low-wage workers in Ohio. Explain subordinate what conditions this difference-in-differences access can be used to value the causal issue of the insufficiency wage extension on possession?

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