Consider the Harris-Todaro migration model applied to
the United States; where average annual personal income is
$41,000 in Jackson, MS, with 9.82% unemployment
rate; and $63,800 in Chicago, with a 6.24%
unemployment rate. Applying these data, please answer
the following questions:
(1) Explain why annual income is higher in Chicago than Jackson.
(2) Explain why unemployment rate is lower in Chicago than
Jackson.
(3) What is the probability that an individual would find
employment in Chicago?
(4) What is...