Business, 21.11.2019 01:31, kaykay9243

Follows that ∆wh/wh= 80% and ∆wl/wl= –80%. the wage for low-skilled labor falls by 80% and that of high-skilled labor increases by 80%, when the price of r& d rises by 10%. c. what has happened to the relative wage of high-skilled/low-skilled labor? how does this result compare to problem 4, and explain why it is similar or different. with the wage for high-skilled labor going up, and the wage for low-skilled labor going down, it follows that the relative wage of high-skilled labor (wh/wl) also rises. equivalently, the relative wage of low-skilled labor, which is (wl/wh), falls. the change in the relative wages

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Follows that ∆wh/wh= 80% and ∆wl/wl= –80%. the wage for low-skilled labor falls by 80% and that of h...