Please provide steps by step answer with proper explanation with final answer.... In 2019, there were approximately 163 million people in the labor force and the unemployment rate was 3.7 percent.If the unemployment rate in 2019 had been 4.7 percent instead of 3.7 percent,Instructions: Round your responses to one decimal place.a. how many more workers would have been unemployed?6 millionb. how many fewer would have been employed?6 million

Initial DataLabor force: 163 millionInitial unemployment rate: 3.7% 1.Calculate the initial number…

Answered: In 2019, there were approximately 163…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(a) Will dynastic preferences, such as those discussed in Section 5.2, lead to infinite-horizon maximization if the instantaneous utility functions of future generations are different (ut(.) potentially different for each generation t)? (b) How would the results be different if an individual cares about the continuation utility of his offspring with discount factor β, but also cares about the continuation utility of the offspring of his offspring with a smaller discount factor δ?
I quite don't understand question a.

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