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Section+2 - Section 2 PS2 The US Labor Market Walton...

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Section 2 PS2 The US Labor Market Walton & Rockoff Ch. 18
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Factors Affecting The Labor Force Internal Population Growth Birth Death Population Growth Rate n= Birth Rate Death Rate Immigration Crude Birth and Death Rate per 1000 Time Natural Rate of Growth Birth rate Death rate Death Rate-- USA
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A Market For Any Good An arena for operation of multiple agents Consumers demand the good Providers supply the good Demand for a good falls with its price Supply for a good increases with its price The market reaches an equilibrium where the price that consumers are willing to pay equals the price that providers require
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What are 2-D curves (graph) Graphical description of a mathematical relationship (function) between two variables The function may involve more than 2 variables e.g. y=f(x,w,z) The curve represents the relationship between any of the pairs: {y,x}, {y,w}, {y,z} while holding the other (two) variables fixed 4
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Example The Demand Curve Shift along the curve Q D =f(p,I,T,p S ,E,N) Holding I, T, p S , E & N CONSTANT We draw Q D =f(p) A change in p -> movement ALONG the curve Price does not shift the demand curve (!) 5
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Example The Demand Curve Shift of the whole curve Suppose: Market Size Change hot product!
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