Project #122447 - Economics of Wage determination

1) Provide a one-paragraph summary of what the article is about. For example, what is the main message the article conveys? what kind of information does the author provide to support this?

2) The article talks about the growth in job openings for college graduates. This refers to the labor market for new college graduates. Explain what the article is saying in terms of the labor supply and demand model. Is it talking about a growth in supply or demand? Show this change in supply and/or demand in a supply and demand diagram, showing what is expected to happen to the employment and wages of new college graduates.

3) The article says that wages of new college graduates have been increasing in the last few years. Should this have any effect on the number of students enrolling in college? What do you expect to happen to the supply of college graduates in the next few years? Given this prediction, what can you say about how their wages will evolve in the future?

4) At the end of the article the author discusses the state of the labor market in a specific industry, the oil-and-gas industry. It says that lower oil prices are the main factor that explains a decrease in the number of new hires and the wages for newly hired college graduates in that industry. Explain why oil prices would have an effect on the labor market of new college graduates who have majors related to this industry (what the article calls “young energy professionals”). To illustrate your explanation, provide a labor supply and demand diagram that shows how a decrease in the price of the output good would affect supply and/or demand, and equilibrium employment and wages in this industry

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Due By (Pacific Time) 04/20/2016 08:00 pm
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