Nearly one-fifth of China's 1.38 billion people are under the age of 15. How will this affect high school enrollment over the next fifteen years? The labor market over the next fifteen years?
What will be an ideal response?
The demand for high school education will increase. The supply of labor over the next 15 years will increase.
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In the long-run equilibrium, an increase in the quantity of capital leads to
A) an increase in the equilibrium price level and an increase in equilibrium real GDP. B) a decrease in the equilibrium price level and an increase in equilibrium real GDP. C) a decrease in the equilibrium price level, but no change in equilibrium real GDP. D) no change in the equilibrium price level, but an increase in equilibrium real GDP.
Shooting Star Books is a small publishing company that specializes in science fiction books. Like most publishers, Shooting Star releases new books in hardcover form and later releases paperback versions of the books
The marginal cost of printing both types of books is $2 per book, and Shooting Star maximizes profits by practicing intertemporal price discrimination. The annual demand for recently released (hardcover) books is Q1 = 400 - 10P1 where quantity demanded is measured in thousands of books and price is measured in dollars per book. The annual demand for the paperback version of previously released books is Q2 = 800 - 40P2. a. What are the marginal revenue curves associated with the two demand curves for books? b. What are the profit maximizing prices for hardcover and paperback books? What are the quantities of books demanded at these prices for hardcover and paperback books? c. Suppose the market demand for paperback books shifts to Q2 = 150 - 100P2. How does this change affect the profit maximizing price and quantity in the paperback book market? Does this change affect the profit maximizing outcome in the hardcover book market?