Why Are Some Occupations Paid More than Others? Consumer choice theory and asymmetric information

Purpose of Assignment

The purpose of this assignment is so students may look at the microeconomic data and other sources for better understanding of trends and determinants of the labor market.

We will look at the microeconomic data and other sources for better understanding of trends and determinants of the labor market. The Bureau of Labor Statistics (BLS) website provides public with an easy access to different statistical tools and different types of data presentation.

Assignment Steps

Select one of the following surveys as a team, from the BLS Current Employment Statistics survey (National):

• Goods-producing Employment – CES0600000001

COPY AND PASTE LINK IN THE WEB BROWSER

https://data.bls.gov/cgi-bin/surveymost?ce

https://data.bls.gov/pdq/SurveyOutputServlet

Retrieve and save a Microsoft® Excel® file and the graphs to your desktop for analysis. You will have to check the “include graph” box along the top of the page to see the graph, and you will need to copy and paste the graph separately into your Microsoft® Excel® document.

Consider the following two articles, located in the Week 4 Electronic Reserve Readings, discussing actor salaries and hedge fund executives’ average salaries:

“COPY AND PASTE LINK IN THE WEB BROWSER”

• “Robert Downey Junior is Hollywood’s Highest-Paid Actor”

http://search.proquest.com.contentproxy.phoenix.edu/docview/1747604844/fulltext/18768BB9144F44F0PQ/1?accountid=35812

• “In Tough Year, Hedge Fund Leaders Still Paid Well: Average Salary of $467M Was Half 2013, Report Says”

http://search.proquest.com.contentproxy.phoenix.edu/docview/1679357720/fulltext/EFB51F4E88E04538PQ/1?accountid=35812

Assist on 9- to 12-slide Microsoft® PowerPoint® presentation based on your analysis to share in class.

Include the following content in the presentation:

• What are trends in the labor market for the chosen labor group that you can identify for the last 10 years? Please provide the retrieved statistics.
• What factors affected the demand and supply for this labor group during the last 10 years? Research and report data available from Bureau of Labor Statistics (BLS)
• Why do actors and actresses earn so much compared to the chosen labor group?

Cite a minimum of three sources, not including the textbook and required economic data.

Format consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

• Attachment 1
• Attachment 2
• Attachment 3

Trends in the LaborMarketLabor markets are also referred to as job markets. They represent theinteraction of employers and workers in understanding the patterns ofincome, employment, and wages….