More Material on Supply and Demand
Revision of Lecture 3 of last semester course, as linked below
Adv Micro 2: L3: Failure of Supply & Demand in the Labor Market.
Lecture was run on inverted classroom pattern. Students listened to Video-Recording of Lecture, and then took quiz on lecture. Further explanation and discussion was provided in classroom by Maaz on Thursday 14th December. Slides for Maaz presentation are attached below.
Sample Question for Final
1. Explain clearly what these three terms mean: (i) Involuntary unemployment (differentiate clearly from voluntary unemployment) (ii) Labor Supply is based on nominal wages, not on real wages, (iii) Wage Differentials across industries.
2. Provide empirical evidence supporting the existence of the three phenomena
3. Explain why each of the three provide evidence against neoclassical theory of labor supply and demand.
Adv Micro: L3 Failure of S&D in Labor Market - Link to Video Lecture and Supporting Materials