https://www.mruniversity.com/courses/principles-economics-microeconomics/labor-economics-marginal-product-labor

https://www.mruniversity.com/courses/principles-economics-microeconomics/education-signaling-human-capital

https://www.mruniversity.com/courses/principles-economics-microeconomics/human-capital-wages-education-globalization

https://www.mruniversity.com/courses/principles-economics-microeconomics/tradeoff-wages-no-such-thing-as-free-lunch

https://www.mruniversity.com/courses/principles-economics-microeconomics/compensating-differentials-wages

https://www.mruniversity.com/courses/principles-economics-microeconomics/do-labor-unions-raise-wages-workers

Links to videos to answer the questions please looking for answers to all questions from 5-8 please.

For each application, the student needs to: 1. Briefly summarize the application/example 2. Identify the concept it is applying 3. Describe how the concept is appliedApplication: The Benefits of Studying Economics There are many reasons to study economics. Maybe you are one of the lucky few with a burning passion to understand economics. Or, maybe you just need an economics course to graduate. Either way, you will learn a set of tools in this class that will better equip you to make all sorts of decisions, not just economic ones. There's even evidence that if you become an economics major, it will make you richer. Economists Dan Black, Seth Sanders, and Lowell Taylor analyzed the question of how much people earn depending on their choice of major. They approached the question in typical economic fashion: with a sizable dataset and quantitative statistics. Using the National Survey of College Graduates combined with information from the U.S. Census, they found that economics majors earn almost 20% more than graduates with degrees in any of the other social sciences. (Accounting, finance, and marketing students do earn about the same as economics majors.) Music majors don't fare so well in salary terms: Their incomes are approximately 40% lower than those of economics majors.' One thing you might worry about in this analysis is whether it is actually learning econom- ics that leads to higher wages, or perhaps just that the kind of people who major in economics are different from, say, sociology majors, and would have earned more money, regardless of what they studied. To at least partially address that critique, Black, Sanders, and Taylor took a look at earnings within narrower career paths. For instance, looking only at students who go on to law school, they determined that those who studied economics as undergrads earn more than students with other majors-up to 35% more, in the case of former sociologists. An economics degree is similarly beneficial to those who eventually pursue an MBA. We hope that you will be so enthralled by economics that you want to make it your focus. But if you are in it just for the money, you could do worse.