The following table includes information on the labor market for bakers.
a.What is the equilibrium wage and quantity of bakers in this market?
b.With the invention of instant teleportation, baker positions can be outsourced to countries with cheaper labor without sacrificing freshly baked goods.This reduces the labor demand for bakers by four-fifths.What is the new equilibrium wage and quantity of bakers hired?
c.Who wins in this situation in the short run? Who loses? What needs to happen in the long run so that the economic losers can benefit from outsourcing?
Definitions:
Order System
A structured process for managing orders within a business, which includes taking, processing, and fulfilling orders made by customers.
Perfect Order
An order fulfillment metric that measures the percentage of orders delivered complete, on time, and without damage or error.
Return Packaging
Packaging materials and methods designed to facilitate the process of returning products to sellers or manufacturers.
Line Fill Rate
A metric that measures the percentage of item types (SKUs) on the order shipped on time and complete.
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