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Question 4 [I r' 4 \"'5 Refer to Scenario 1. Suppose instead the domestic labor supply is represented by E3 = Qw WU. Now. suppose that 1% immigrants that are perfect substitutes for native workers enter the market and their labor supply is perfectly inelastic. Hint: perfectly inelastic supply means that even if wage is $13.01, all workers with perfectly inelastic supply are willing to work. Another hint: Native workers do not have perfectly inelastic supply. It might help to draw on a supply and demand diagram how the total labor supply curve (which includes both natives and immigrants] might look like now that there are 1 [15 additional workers with perfectly inelastic supply. What is the equilibrium wage for all workers in this market after the immigrants enter (round to the hundredth of a dollar)? Joey's utility depends on consumption ((3) and leisure (L). He has 116 hours that he can divide between leisure and work. His utility function is represented by war.) = 0L From this utiiity function. you can nd marginal utility of leisure {C} and marginal utility of consumption (L). Joey's marginal rate of substitution is E L MU!\" ]. Suppose Joey receives $669 each week from his dad MU;- regardless of the number of hours worked. {which is just What is Joey's reservation wage? (Round to nearest hundredth} Question 5 n a' 4 F15 Refer to Scenario 1. Suppose instead the domestic labor supply is represented by E3 = Bw 3555. And suppose instead that M immigrants that are perfect substitutes for native workers enter the market and their labor supplyr is perfectly inelastic (as with the previous question]. 1Ii'li'hat is the equilibrium employment of domestic workers after immigrants enter? Round to the hundredth (two decimal places}. Question 6 n 4' 4 F135 Refer to Scenario 1. How much prot is earned by the rm with a discrimination coefcient of [1.6 against biack workers if there are no other costs? Round your answer to two decimals. Scenario 1 A rm's production function is given by Q = 4i] in{Ew + E5 + t) where Ew and EH are the number of whites and blacks empioyeo by the firm respectiveiy. From this it can be shown that the marginal produot of labor is Suppose the market wage for black workers is $50, the market wage for white workers is 31m. and the price of each unit of output is SZU. Scenario 3 Labor demand and supply are given by w = 50 - 3Ep and w = 10 + Es. Question 28 0 / 7 pts Refer to Scenario 3. What is the equilibrium wage of this market?Scenario 1 Let market demand for domestic workers be represented by Ep = 1,000 - 50w where ED is domestic labor demanded and w is the hourly wage