2. There are two economies. Economy A is dominated by the self-driving cars, which

  • June 25, 2021

2. There are two economies. Economy A is dominated by the self-driving cars, which has the following production function: The production function of the self-driving car industry is: Y=(min{2H, 7L})=, where K represents capital, H represents high-skilled labor, and L represents low- skilled labor. Economy B is dominated by the agriculture industry, which has the following pro- duction function:Y=K3(4H+3L)3 where as before represents capital, H represents high-skilled labor, and L repre- sents low-skilled labor. Suppose an immigration policy in each economy increased the intake of low-skilled immigrants rapidly. In the short run, how would it affect the wage of high-skilled- workers in each economy? (10 marks)

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