3 a. The size of its recessionary gap is $b. The size of this gap as a percentage of its actual GDP is7.5 %.c. If the natural rate of unemployment is 6%, use Okun's law to calculate the amount of actual unemployment in Altrua.The actual rate of unemployment is30MI96.Prev3 of 18 CHESAMSUNG The figure below depicts the economy of Altrua, which is presently in equilibrium. Enter your responses below rouplace.Price level340 360 380 400 420 440 460 480 500 520Real GDPASADLAS

In economics the long run equilibrium arises when LAS curves AD and AS intersects.

a. The size of its recessionary gap is $ b. The size of this gap as a percentage of its actual GDP is 7.5 %. c. If the natural rate of unemployment is 6%, use Okun's law to calculate the amount of actual unemployment in Altrua. The actual rate of unemployment is 30 96.

a. The size of its recessionary gap is $ b. The size of this gap as a percentage of its actual GDP is 7.5 %. c. If the natural rate of unemployment is 6%, use Okun's law to calculate the amount of actual unemployment in Altrua. The actual rate of unemployment is 30 96.

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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