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# + HSD + HSC + SMC + C15 uCTC Composition-adjusted real 105 weekly wages 196419681972197619801984198819921996 2000 M 2018 Year agm 3. Real....

Answer the following question by drawing diagrams and providing an explanation: (Macroeconomics - labor demand and supply)

+ HSD + HSC
+ SMC + C15 —u—CTC Composition-adjusted real 105 weekly wages 196419681972197619801984198819921996 2000 M 2018
Year agm 3. Real. (bmpodﬁm-Adjmted Log Weekly Wages for Full—Time Full-Year Workers 1mm Males Soumc:Mamli CPSdataforeamingsyearsle-m. See notmmﬂguml.'l‘hereallogweeklywagefor
each education is the ' tad of the relevant com 'ﬁon ad' cells ' a ﬁxed set of
weights equal mytﬁggvemgezzglaymm of each group. post justed usmg Figure 1: This ﬁgure shows wages earned by different educational groups over time in the US. HSD = High
school dropout, HSG : High school graduate no college, SMC : Some College, CLG : college graduate,
GTC : greater than college education, e.g. MD, MBA, PhD. (c) (10 pt) Consider Figure 1 above. Focus on the HSD and GTC groups since 1980. What has happened to average wages in each group? Suppose that each group sells its labor in a separate
labor market. Use labor demand and supply analysis to provide a possible explanation for the
trend that you see. Draw diagrams and provide a few sentences of explanation.

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