Read the news story about producers of disposable gloves and their workers, “The world’s top suppliers of disposable gloves are thriving because of the pandemic. Their workers aren’tâ€Â, on CNN (https://cnn.it/332zg9J).
Write an essay to answer the following questions:
1.Identify which model of market structure best describes each of the followings: (1) the market for disposable gloves, and (2) the market for the workers’ labour. *(should be oligopoly & perfect competition)
[400 words]
2.Discuss how profitable the producers of disposable gloves were before the Covid-19 pandemic according to the prediction of the model that you identify in Question #1. Discuss whether you think the actual economic- and accounting profits of these producers were as predicted by the model.
[300 words]
3.Discuss how high/low wages of the workers were before the Covid-19 pandemic according to the prediction of the model (that you identify in Question #1). Discuss whether you think the actual wages of these workers were as predicted by the model.
[ 300 words]
4.Using the models (that you identify in Question #1), analyse why the effects of the Covid-19 pandemic on the two markets differ: Why the profits of disposable glove producers increases during the Covid-19 pandemic but the welfare of their workers remains the same.
[600 words]
5.Using the model (that you identify in Question #1), analyse what happens to the workers if the government increases the minimum wages: Will it improve the welfare of the workers?
[400 words]
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