A professor argues that if one million individuals were released from the military and were instead...

A professor argues that if one million individuals were released from the military and were instead employed in the civilian labor market, average wages in the civilian labor market would fall dramatically. Assume that the demand curve for civilian labor does not shift when workers are released from the military. Using your knowledge of (i) the definition of the own-wage elasticity of labor demand, (ii) the magnitude of this elasticity for the economy as a whole, and (iii) the size of civilian employment in comparison to this flood from the military, graph these events and estimate the magnitude of the reduction in wages for civilian workers as a whole. Do you concur with the professor?

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Rahul Sunny answered 2 years ago

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