The New Zealand Ministry of Education recently required that high schools must hire five additional teachers...

The New Zealand Ministry of Education recently required that high schools must hire five additional teachers with Master’s degrees in Mathematics.

a. (10 points) It will take a few months to initiate the hiring process. Discuss the immediate effect on the salaries of teachers with Master’s degrees in Mathematics? Illustrate graphically the effects on the market for Master’s degree mathematic teachers in the short-run.

b. (10 points) What will be the effect after five years? Discuss and illustrate graphically the effects on the market for Master’s degree mathematic teachers in the long-run. How does the salary in the long-run compare to the short-run and why?

c. (5 points) Discuss the differences between the short-run and long-run elasticities of supply

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Expert Solution

Rahul Sunny answered 1 year ago

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