Econ Labor market (E-341)

Long QuestionsCourse: Econ Labor market (E-341)Book: George Borjas, Labor Economics, 6th edition, 20131. Teaching economics at Purdue is more hazardous than teaching at IU: all thoseboilermakers making boilers makes for a more dangerous work environment. Theuniversities and the economists are well-informed of the risks. Assume that theuniversities are profit-maximizers.a. Draw the hedonic wage function for the two universities and the two sets ofeconomists. (6 points)b. What is algebraic sign of the slope of the hedonic wage function and what does itimply about workers and firms? (6 points)2. The state of Florida requires sex therapists to graduate from the Florida SexTherapy Institute in order to be licensed as a sex therapist and to claim the title of SexTherapist as an occupation. What are the economic effects on the labor market forsex therapists? Use a well-labeled model in your answer and explicitly show theeffect on wage and quantity employed. (8 points)3. Explain the term skill-biased technological change. How does it help usunderstand changes in U.S. income disparity over recent decades? Use an appropriategraph in your answer. (10 points)

 

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