I sent all the notes to you via email - here are a couple links regarding rent:
And a couple of questions on labor inequalities:
1. Explain the difference between poverty defined absolutely and poverty defined relatively. Which definition is the basis of the poverty line?
2. Suppose each family in the US earned an equal money income. What would be the effect?
3. We have assumed that labor is supplied by individual workers acting competitively. In some markets, however, the supply of labor is determined by a union of workers.
a. Explain why the situation faced by a labor union may resemble the situation faced by a monopoly firm.
b. The goal of a monopoly firm is to maximize profits. Is there an analogous goal for labor unions?
c. Extend the analogy between monopoly firms & unions. How do you suppose that the wage set by a union compares to the wage in a competitive market? How do you suppose employment differs in the two cases?
4. College students sometimes work as summer interns for private firms or the government. Many of these positions pay very little or nothing.
a. What is the opportunity cost of taking such a job?
b. Explain why students are willing to take these jobs.If you were to compare the earnings later in life of workers who had worked as interns and those that had taken summer jobs that paid more, what would you expect to find?
5. Economist June O’Neill argues that “until family roles are more equal, women are not likely to have the same pattern of market work and earnings as men.” What does she mean by the “pattern” of market work? How do these characteristics of jobs and careers affect earnings?
I'll post some more reminders later on the earlier stuff for the national exam next week.