Business, 15.11.2020 06:40 reearamrup27

Imagine that you are a farmer working on a farm for wages of 10 per day. A friend of yours moved to the nearest city and is currently visiting you. He tells you that the minimum wage in the city is £30 per day (three times as much as your current wage ). He also tells you that about 25,000 people have jobs, and another 75,000 people are currently looking for jobs. Another friend of yours points out that the costs of moving to the city are really high. You find out it would cost you about £30 to move . What would the Harris -Todaro model predict you do now?
Suppose you learn that your friend got his numbers mixed up, and you find out that 75,000 people have jobs , while 25, 000 are currently looking for jobs. Now would you move to the big city ? Explain.

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Imagine that you are a farmer working on a farm for wages of 10 per day. A friend of yours moved to...

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