Question
1) Explain why the backward-bending supply curve for labor only requires leisure to be a normal good. 2) How would you convince US steel mill
1) Explain why the backward-bending supply curve for labor only requires leisure to be a normal good.
2) How would you convince US steel mill workers that the US (including them and their loved ones) will be better off if the US imported its steel from China and shut down all the steel mills around the country?
Note: Remember it's highly likely these steel mill workers never took an economics class so you have to convince them without using technical jargon. You can use graphs and tables but if you are doing so you will need to explain what's going on.
Note 2: This is not a short answer, you need to put some efforts in thinking on how you would convince someone in plain English that "free trade" is good for them. You also might have to think about solutions to soften/mitigate any costs to them.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started