Please Answer Question 2 Only You have been contracted by the government of your country to...

Please Answer Question 2 Only

You have been contracted by the government of your country to provide recommendations on the regulation of the national textile industry. Currently, the textile industry which resembles features of the perfectly competitive market is completely unregulated. Using the concepts covered in the class, please provide your advice to the problems below.

One of the biggest social problems in the textile industry is child labour which, among other things, reduces school attendance. The government is considering two types of interventions and asked you to explain the process through which each of them affects the equilibrium amount of child labour and wages using words (explain the impact on demand and/or quantity demanded, supply, and/or quantity supplied as appropriate) and include well-labelled graphs.

a. Provide rewards for children who attend school [2pt]

b. Impose fines on employers who employ children [2pt]

Consider how own price elasticity of labour demand and supply affects the market outcomes for both policies. In addition to writing your answer in words, use well-labelled graphs to support your answer. Please draw new graphs, rather than using those from question 1.

a. How does own price elasticity of demand impact the effects of providing children who attend school with rewards on prices and the amount of child labour? [2pt]

b. How does the elasticity of supply impact the effectiveness of a fine on the employers who employ children? [2pt]

Expert Solution

Rahul Sunny answered 1 year ago

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