5. Consider an industry employing skilled technicians and low-skilled workers together with machines to produce a good.
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5. Consider an industry employing skilled technicians and low-skilled workers together with machines to produce a good. A new technology comes along that performs the low-skill tasks, but needs more maintenance. How would the adoption of this technology affect the following?
a. The wage for skilled technicians
b. A firm’s demand for low-skilled workers
c. Suppose the market price of the product increases. How would this affect the equilibrium in the labor market?
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Related Book For 
Microeconomics
ISBN: 9781292214351
2nd Global Edition
Authors: Daron Acemoglu, David Laibson, John List
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