A country has a population of 160,000 citizens aged 16 or older. Because of a highly sophisticated computerized job placement frictional and structural unemployment runs at a constant 10,000. The nation's labor demand and supply curve are QD = 102-W and QS = 5W, respectively. Q is the quantity of labor supplied or demanded in thousands of workers, Wis the wage. Using Excel create a spreadsheet with the column headings w, LD, LS, and unemployment. Fill in the spreadsheet's cells for w= 10 to W= 70 in increments of 0.5. For your better understanding of the Philips curve, you need to draw the graph. What is the equilibrium wage? What is the level of employment (in thousand)? How many are unemployed (in thousand)? What is the labor demanded (in thousand) at W-$147 What is the labor supply (in thousand) at W-$167 What is the expected unemployment rate if W-$21? (Note: Rounding to the nearest tenth.)

A country has a population of 160,000 citizens aged 16 or older. Because of a highly sophisticated computerized job placement frictional and structural unemployment runs at a constant 10,000. The nation's labor demand and supply curve are QD = 102-W and QS = 5W, respectively. Q is the quantity of labor supplied or demanded in thousands of workers, Wis the wage. Using Excel create a spreadsheet with the column headings w, LD, LS, and unemployment. Fill in the spreadsheet's cells for w= 10 to W= 70 in increments of 0.5. For your better understanding of the Philips curve, you need to draw the graph. What is the equilibrium wage? What is the level of employment (in thousand)? How many are unemployed (in thousand)? What is the labor demanded (in thousand) at W-$147 What is the labor supply (in thousand) at W-$167 What is the expected unemployment rate if W-$21? (Note: Rounding to the nearest tenth.)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 10QP

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