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The Labor Market - End of Chapter Problem Consider the labor market for workers who build boats. For each of the given scenarios, graphically show the effect on the market for boat-builders. a. Boat manufacturers begin using more efficient robots on the assembly line, and the substitution effect dominates the scale effect. Labor supply Wage ($ per hour) X Labor demand b. There is an increase in the wage of automobile manufacturing workers (assume boat-builders and automobile workers have similar skills and can work in both industries). Labor supply X Labor demand c. There is a decrease in unemployment benefits. Labor supply x Labor demand
The Labor Market - End of Chapter Problem Consider the labor market for workers who build boats. For each of the given scenarios, graphically show the effect on the market for boat-builders. a. Boat manufacturers begin using more efficient robots on the assembly line, and the substitution effect dominates the scale effect. Labor supply Wage ($ per hour) X Labor demand b. There is an increase in the wage of automobile manufacturing workers (assume boat-builders and automobile workers have similar skills and can work in both industries). Labor supply X Labor demand c. There is a decrease in unemployment benefits. Labor supply x Labor demand
The effect on market for boat-builders is that there is an increase in wage of the automobilemanufacturingworkers.What is manufacturing?The process of generating or producing goods using resources like equipment, labor, tools, chemicals, or biological formulas is known asmanufacturing. The secondary sector of the economy revolves around it. The expression can be used to represent a range of human activity, from handicraft to high-tech, but it is most usually associated with industrial design, which requires the extensive transformation of the raw materials fromprimary sectorinto finished goods. Planning and streamlining the processes that turn raw materials into final things fall within the purview of the engineering field known as "manufacturing engineering." The initial stages of production involveproductdesign and material specifications. By transforming these elements into various shapes, the finished product is produced.To learn more aboutmanufacturing, visit:brainly.com/question/13740503#SPJ4...