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1.) Who are the actors or players in a labor market?
1.) Who are the actors or players in a labor market? After defining each actor or player and briefly describing the role that they play in a "positive" way, please explain how you would weight their relative importance in a more "normative" way, taking into account where your personal beliefs are on the political spectrum (i.e. whether you lean more "left" or more "right"). One way to do this is to start by assigning a relative percentage to each of their roles in the labor market. This answer should be written in the form of an essay (i.e. in paragraphs) and limited to two one-sided pages. It will be graded on its completeness and its originality (and not its length). (50 points)
2.) Dolph, Jimbo, and Kearney are the only individuals participating in the very particular labor market for 'protective' services. Dolph's labor supply is given by ????d = −46 + 0.87424 ⋅ ????, where ???? is the hours worked per week and ???? is the hourly wage rate. Jimbo and Kearney's labor supply functions are represented by ????j = −35 + 1.42842 ⋅ ???? and ????k = −39 + 1.32464 ⋅ ????, respectively. (50 points)
