Expert answer:Need Help with Economics Homework about specialize
Answer & Explanation:I need someone to edit ans revise my responses to my homework questions to make sure they are correct and have good flow in sound. I also need someone to add a graph to Question 1 and more information to Question 2. I need this done by Nov 15 – Sunday at 8:00 pm EST. Please do not bid if you are unable to do it. Thank you.Assignment # 2.docx
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Assignment # 2
1. Q. As a future worker, explain the potential costs and benefits to you of obtaining highly
specialized training from a particular firm. (Use the diagram illustrating human capital
investment decision).
A. Costs and benefits both exist in the process of obtaining highly-specialized training
from a firm. A particular benefit of this type of training include the higher earnings
that trained workers should expect to attain when compared to untrained workers after
the completion of the training period Workers that have highly-specialized training
may also have a lower chance of having their employment terminated if the training is
firm specific because firms prefer not to lose these investments. Human capital theory
suggests that firms pay part of the costs of providing firm-specific training. The costs
associated with attaining highly-specialized training mainly include reduced wages
during the period of training. Also, if workers expect that they will spend some time
out of the labor force such as to raise children, then they may lose the investment they
made during the training period; usually in terms of a reduced wage during the
aforementioned training period. The foregoing is true because if their highlyspecialized training is firm specific, it is not portable to other firms. Therefore, firms
will not compensate workers with highly-specialized training from another firm and
as a result, workers will get a lower wage at the new employer than what was
originally earned at the previous employer where the training was provided. If their
highly-specialized training is not firm specific, then it is probable for them to face a
smaller market, so to speak, as they look to return to employment after a period of
time out of the labor force since their training is probably useful in a comparatively
lesser amount of applications.
(Note to Tutor: Please include the diagram illustrating human capital investment
decision that matches the points that I’ve made.)
2. “It has been found that female MBAs have a more difficult time combining career and
family than female physicians, Ph.D.s and lawyers”. Why do you think combining career
and family maybe especially different for MBAs? What kind of policies might address
this problem?
Combining career and family maybe especially different for MBAs due to the factor of
flexibility. It is necessary to assert that flexibility is an important aspect to combining
work and family. Workers in the field of medicine and law are more likely to have more
significant control over their schedules since patients and clients, respectively, usually set
up appointments in advance. While MBAs, however, tend to be situated in positions that
are regulated more inflexibly.
(Note to Tutor: Please include policies that address this problem).
3. Q. Suppose you are given data about a firm, indicating that the average wage of male
employee is $15.00/ hour and the average wage of female employees is $10.50/hour.
Define labor market discrimination against women. Do the preceding data prove that the
firm discriminates against women? What kind of additional information would you need
to determine whether such discrimination exists?
A. Labor market discrimination against women is defined by the different treatment of
two equally qualified individuals, solely on the basis of sex. The data regarding the
firm does not necessarily prove that the firm discriminates against women because
helpful information about the qualifications of the firm’s workers, both the men and
women, is not provided. In order to accurately determine the existence of
discrimination in the firm against women, one would need not only average wages of
male and female workers but information about worker credentials, such as average
levels of experience, education, and other pertinent qualifications that are relevant to
the productivity of workers at the firm.
4. Q. Economists point to three major factors behind trends in the gender wage gap. Discuss
each and explain the role each played in the narrowing of the gender wage gap since
1980. Why did the gender pay gap convergence slowed down during the 1990s in the
US?
A. The three major factors noted by economists regarding trends in the gender wage gap
include the following:
1) changes in the extent of labor market discrimination against women
2) changes in the structure of wages
3) changes in human capital and other credentials of workers
The gender wage gap decreased since 1980 as a result of two sets of factors. The first is
the increase women’s qualifications, most notably their experience and occupations that
caused them to be more on the same level with those of men. Additionally, women now
actually have more of an advantage in terms of their level of education. The second
factor is the drop in the unexplained portion of the gender ratio that is usually accredited
to discrimination. During the 1990s, changes in the wage structure and in particular the
increasing returns to skill have put women at a disadvantage, which caused the slowing
down of the convergence of the gender pay gap. To put it in another way, if the wage
structure remained constant, the overall decrease in the gender pay gap would have been
significantly larger.
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