I need assitance on how to get these answers. Econ 312 Macroeconomic TheoryQuestion 1. The labor marketIn an economy, the firms profit-maximize by comparing the MPL to the wage:0.5.A. √K/√L = WAnd workers negotiate their wage raises by looking at the # of jobs and the expected inflation:EPW = - √LP.The productivity is A=3.7 and there is K = 36 of capital.(a) Prior to shocks and policies, the economy is in equilibrium with EP=P=2. Find the equilibriumnumber of workers. Then find the equilibrium wage.(b) Now the actual price level P₁ falls below the expected price level EP. Graph the labormarket. Clearly label axes and curves. Show the distance that represents the disequilibrium.Label the before and after equilibria with E, and E₁.(c) Name one shock that could result in this change on the labor market. Be specific about itstype and direction.Answers are provided1. (a) 11.1, (b) 3.33

Equilibrium is that point where all economic forces are at a state of rest as all demand side…

Econ 312 Macroeconomic Theory Question 1. The labor market In an economy, the firms profit-maximize by comparing the MPL to the wage: 0.5 A • √K/√L = w And workers negotiate their wage raises by looking at the # of jobs and the expected inflation: EP P The productivity is A=3.7 and there is K = 36 of capital. (a) Prior to shocks and policies, the economy is in equilibrium with EP=P=2. Find the equilibriu number of workers. Then find the equilibrium wage. W = •VI (b) Now the actual price level P₁ falls below the expected price level EP. Graph the labor market. Clearly label axes and curves. Show the distance that represents the disequilibrium. Label the before and after equilibria with E, and E₁. Answers are provided 1. (a) 11.1, (b) 3.33 (c) Name one shock that could result in this change on the labor market. Be specific about its type and direction.

Econ 312 Macroeconomic Theory Question 1. The labor market In an economy, the firms profit-maximize by comparing the MPL to the wage: 0.5 A • √K/√L = w And workers negotiate their wage raises by looking at the # of jobs and the expected inflation: EP P The productivity is A=3.7 and there is K = 36 of capital. (a) Prior to shocks and policies, the economy is in equilibrium with EP=P=2. Find the equilibriu number of workers. Then find the equilibrium wage. W = •VI (b) Now the actual price level P₁ falls below the expected price level EP. Graph the labor market. Clearly label axes and curves. Show the distance that represents the disequilibrium. Label the before and after equilibria with E, and E₁. Answers are provided 1. (a) 11.1, (b) 3.33 (c) Name one shock that could result in this change on the labor market. Be specific about its type and direction.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
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