In a Labour Demand and Supply Diagram, Show the Effects

question 194

Essay

In a labour demand and supply diagram, show the effects of the following events. In each case, discuss the changes in the equilibrium wage and employment.
a. an increase in the wage income tax
b. a new trade agreement that allows for foreign competition in the Canadian food sector (Hint: Consider how the elasticity of demand for food changes. How does that affect the elasticity of demand for labour in the food sector?)

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