Q1. Assume that the Florida migrant workers are efficiently unionized. Determine the impact of the unionization on:
a) Price of Florida oranges
b) Profits of Florida fruit growers in short and in long run
c) Mechanization of the fruit picking industry
d) Employment of fruit pickers
Illustrate each point.
Q2. Do the given comments reflect sound economic reasoning? Describe why or why not.
a) I paid $200.00 for the economics course. Thus, I am going to attend the lectures even if they are worthless and boring.
b) As we own instead of rent, housing doesn’t cost us anything.
c) I own 100 shares of stock that I cannot afford to sell till the price goes up adequate for me to get back at least my original investment.
d) It costs to produce private education, while public schooling is free.