ECON 351 – Problem Set # 3                                                                       

ECON 351 – Problem Set # 3   

ECON 351 – Problem Set # 3: A new development is happening in an urban area and is slated to create an additional 100 export jobs. Economists predict that the total jobs created in the regional economy will be 240…

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ECON 351 – Problem Set # 3   

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Please upload your solutions to Blackboard to the Assignment Labeled: Problem Set 3.  The upload must contain a pdf document for questions that require you to “show your work”. You can download a free copy of Adobe Scan to your phone in order to turn in a pdf document.

1.      (6 pts) A new development is happening in an urban area and is slated to create an additional 100 export jobs. Economists predict that the total jobs created in the regional economy will be 240.

a.      Please give an example of an export job:

b.      The employment multiplier in this case would be:

c.       How would the multiplier change if the jobs created were import jobs instead?

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2.      (6 pts) In the city of Fryeville, the equilibrium employment is 100,000 workers and the equilibrium wage is $100 per day. The wage elasticity of demand for labor is -1.0 and the wage elasticity for supply is 5.0. Suppose the demand for labor increases by 18 percent.

a.      What would be the impact to wages (in terms of percentages) as a result of an increase in demand of 18 percent?

b.      What would be the new equilibrium wage in the city of Fryeville?

3.      (8 pts) Please draw a labor market at equilibrium.

a.      Label your equilibrium wage and quantity.

b.      On your existing graph, draw the new labor demand or supply curve that would result from an increase in the quality and frequency of urban public transportation funded by an increase in taxes for firms in the city.

c.       Please explain what would be the outcome to labor market wages and quantity of labor as a result of (b).

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4.      (4 pts) Please click on the following link for an automated Gini coefficient calculator:

https://shlegeris.com/gini.html. Read the instructions for using this calculator.

a.      Please enter the following combinations of income amounts for a city of five wage earners. 

Combination 1: 1500,2500,2500,3000,4000

What is the Gini coefficient of this combination?

Combination 2: 1500,800,3500,6000,7500

What is the Gini coefficient of this combination?

b.      Using your own words explain the difference between the two groups by using the Gini coefficient and the combination of incomes as your explanation.

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