Chun Law ECO345 Chapter 4 check out Question 4. If the prohibition of syndicate operate oners is repealed, this give result in a refilling effect and make the stab quest curve for manufactory workers much than elastic. The greater possibility to substitute, the greater elasticity. Chapter 5 polish up Question 8. The baseball team had paid $24 one million million 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 sham to replace instrumentalist 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| interpret 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 sanction more than mint to work resulting in an increase of the labor force participation rate. The reason is that more people will spend more while to work than leisure, because spending time on work will be more valuable. 8. trim down 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 hope to get a full essay, order it on our website:
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