Determination of equilibrium wage for plumbers in factor marketplace
1. On a proportional basis, there are too many Negroes also too few Jews among professional athletes. This Explain how which sports have finally overcome racial prejudice, it has not overcome religious prejudice." Comment?
2. You are the absolute car also head of a union of 1,000 plumbers in Austin, Texas. You have the absolute power to set the wage at which the plumbers will work. The economist which you have hired tells you which the demand for plumbers in Austin is Q = 1,200 - 100W, where Q is the number of plumbers employed also W is their wage per hour. This demand function can also be written W = 12 - Q/100. If there is no other plumbers in Austin, Illustrate what wage would you set if (a) you wished to achieve full employment at the highest possible wage; (b) you wished to maximize total payments to plumbers?