workers. This decreasing wage paid to low-skilled workers. Low-skilled workers are subst for high-skilled workers. Dec in wage of low-skilled workers causes shift to left of demand curve for high-skilled workers and subsequent dec in wage rate. Wages low, inc in wage rate, inc in Qs. The supply curve for high-skilled labor lies to the left of the SC for low-skilled labor b/c it is costly to acquire skills. Shift D for labor: change in price of product that it produced by the labor and change in marginal product of labor. Coase theorem: states that when trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.Creating Your 3”x5” Note CardAs long as youare the one that creates your 3”x5” note card, you are allowed to use it on an exam. This can be very helpful to you, especially if you can manage to get most of the material on your note card. Here’s how you make the note card:Click in the center of the “Front” card to the right. Delete all the text in this box. Now, you’ll want to change the font. Go to FORMAT>FONT. Now, change the font to anything you want, as small as you want. Most printers should be able to print Arial Narrow, Size 4. This would be your best bet for getting the most in this space (with the smallest text). Some laser printers may be able to do a 3 point font…try it out a couple of times to see what you can and can’t read.If you do make your text small, you will want to change the amount of space in between lines. You can do this by selecting all of your text and going to FORMAT>PARAGRAPH and changing the “Line Spacing” option to “Exactly”. A good rule of thumb is to set the “At:” setting to the size of your font. So if you’re using Arial Narrow 4, set the “At” option to 4. This will reduce space between the linesThen fill in the front and back with the material you want on your card. At the back of your Smokin’ Notes packet, we have included some suggestions as to what should go on your card.Another suggestion: If you have a color printer, put different ideas in different colors. This helps you find material on your card much more easily during the exam.Remember: you can have a front and back, so fit as much as you can in there! Get it as small as you can if you want, but make sure you can read it. When you’re done, print it out and paste or tape it to a 3”x5” index card and you’ll be all set.Front of CardBack of Card
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