Econ 339 Winter 2008 Problem Set 3-4_1

Econ 339 Winter 2008 Problem Set 3-4_1 - Econ 339 Winter...

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Econ 339 Winter Quarter 2008 Problem Set 3-4 - Due Date: 2/4/2008 Solve the following Problems. Show your work. 1. Problems: 4-1, 4-2, 4-4, 4-7, 2. Problems: 5-1, 5-6,5-7 (for c. assume that in LR-equilibrium the same percentage of all workers works in the North than before the immigration wave) 3. Chapter 6 Problems: 6-2, 6-3, 6-4, 6-5, 6-6, 6-7 4. Write a convincing argument for the following (assume that the elasticity of substitution is neither zero nor infinity) a. Long-run labor demand is ALWAYS downward-sloping b. Long-run labor demand is ALWAYS less steep than short-run labor demand 5. Discuss the cost minimizing input mix of a firm that produces with two perfectly substitutable factors of production. Sketch the LR- labor demand curve of a firm like that. 6. Interpret the empirical estimates of the labor demand elasticity given in the lecture slides. Are they in line with theoretical predictions? 7.
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Econ 339 Winter 2008 Problem Set 3-4_1 - Econ 339 Winter...

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