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Y7 Harris-Todaro Model: Suppose that potential migrants make decisions only based on comparisons of their expected incomes. Now suppose the rural wage is $3 per

Y7

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Harris-Todaro Model: Suppose that potential migrants make decisions only based on comparisons of their expected incomes. Now suppose the rural wage is $3 per day. Urban modern sector employment can be obtained with 1/3 probability and pays $5 per day. What would the urban traditional sector daily income have to be to induce no net rural-urban migration? O a. 4.5 O b. 3.5 O c. 2.5 O d. 3 Oe. 2

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