In cases where a skill type is highly specific and scarce; what does this suggest about the years of training, the distribution of income, the labour productivity, and the private and social human capital investment cost of the individuals involved?    

  1. In cases where a skill type is highly specific and scarce; what does this suggest about the years of training, the distribution of income, the labour productivity, and the private and social human capital investment cost of the individuals involved?                                     [8 marks)
  2. Labour supply elasticities range from very low to very high coefficients, depending on the labour units involved. Use this comment to relate supply elasticities to skill levels and to do a simple analysis of how both low and high supply elasticities determine or relate to the earning power or income distribution of labour.                                                                        [8 marks]

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