1. Mkt. for farm workers. Many farm workers working on US farms are seasonal migrants. Movement...

1. Mkt. for farm workers. Many farm workers working on US farms are seasonal migrants. Movement of these workers has been restricted due to health concerns. The health crisis is now solved, travel restrictions are lifted. Lifting travel restrictions affects supply/demand (choose one). Show the effect of lifting travel restrictions on the US labor market for farm workers. Equilibrium wage___, equilibrium employment____

2. Mkt. for American farm products. Aggregating individuals farms’ responses, the change in labor market for farm workers affects supply/demand of American farm products because ______________________________. Show the effect of lifting travel restrictions. Equilibrium price___, equilibrium quantity____

3 Mkt. for imported farm products. The change in the price of American farm products affect supply/demand of imported farm products because_________________ . Show the effect of the change in the price of American farm products. Equilibrium price___, equilibrium quantity__

Please show it in graphs!

Solutions

Expert Solution

1) lifting travel restrictions will lead to decrease in supply of Labour market.

Decrease in supply of Labour will lead to increase in equilibrium wage and employment.

2) Increase in wages , Increase cost of Production,which lead to decrease in in supply of farm good . And

Decrease in supply of farm good lead to increase in equilibrium price of farm good and Decrease Quantity.

The Increase in America of product Increase demand of imported farm product because Increase in price Decreases relative price of import farm product and thus lead to increase in demand of imported farm product. American farm product and imported farm product are substitues. So Increase in America price will increase demand of imported farm product because imported farm product becomes relatively cheaper.

Decrease in supply of american farm product lead to decrease in supply and thus Increase in price.

Rahul Sunny answered 1 year ago

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