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5.
Chapter 12
7. a) The existence of national, state, and city parks will increase the
labor demand in the recreational vehicle industry. This occurs because
the parks will increase the demand for recreational vehicles, which
then increases the demand for labor. Essentially the park and
recreational vehicles are complements.
b) The existence of national, state, and city parks will reduce the
derived demand for workers who help produce a private good. Thus,
the demand for workers who build and maintain equipment for private
recreational theme parks will decrease because it is a substitute to
parks.
c) The existence of national, state, and city parks may reduce
individual and overall labor supply in the economy. This would occur
because the more closely parks are substitutable for private goods
(amusement parks), the greater the reduction in labor supply.
However, the more complementary the parks are to work, the less the
reduction in labor supply.
Chapter 13
2.