(3) Consider the following figure about the real price of oil. Real price of oil 90 Start of pandemic (Lockdown) 80 70 60 50 Pre-pandemic 40 30 20 10 The figure above shows the evolution of the real price of oil in the United States between January 2019 and February 2022. The price hit bottom in April 2020 after the COVID-19 lockdown in March 2020. Since then, the price has been increasing and surpassed the pre- pandemic level. What would happen to real wages and employment in the labor market model due to the increase in oil price? Explain using the labor supply and demand diagram. 2019/1 4 9. 12 2020/1 7. 6° OT 2021/1 6. от 12 2022/1

(3) Consider the following figure about the real price of oil. Real price of oil 90 Start of pandemic (Lockdown) 80 70 60 50 Pre-pandemic 40 30 20 10 The figure above shows the evolution of the real price of oil in the United States between January 2019 and February 2022. The price hit bottom in April 2020 after the COVID-19 lockdown in March 2020. Since then, the price has been increasing and surpassed the pre- pandemic level. What would happen to real wages and employment in the labor market model due to the increase in oil price? Explain using the labor supply and demand diagram. 2019/1 4 9. 12 2020/1 7. 6° OT 2021/1 6. от 12 2022/1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure A Q Figure B Figure C Price (dollars per unit) 15- Price (dollars per unit) 15 Price (dollars per unit) 15- 14- 13- 12- 11- 10- MC MC 14- 14- 13- 12- 11- 10- „MC ATC 13- 12- 11- 10- ATC ATC MR MR MR 9- 9- 9- 8- 8- 8- 7- 7- 6- 90 100 100 100 1i0 Quantity (units) 90 110 90 110 15 Qua Quantity (units) Quantity (units) Consider a perfectly competitive firm in a short-run equilibrium. Figure shows a firm in bad times because the firm produces units and makes a(n) O A. A; 100; economic loss O B. B; 90; economic profit O C. A; 110; economic loss O D. C; 100; economic loss O E. C; 100; normal profit
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Exercise: 01 Issue a promissory note: ⑴Amount ￡3,026.00 ⑵Date and place of issue 8/August/2009，Guangzhou, China ⑶Tenor At 90 days after date ⑷Maker Guangdong Imp. & Exp. Co., Guangzhou ⑸Payee Chemicals Import & Export Company London ⑴Drawer Thames Enterprises Ltd., London ⑵Drawee The National Westminster Bank Ltd., London ⑶Payee Philips Hong Kong ⑷Date and place of issue 07/01/2001，London ⑸Amount GBP79,014 Exercise: 02 Issue a check:
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