In April 2020, the Canadian economy lost about 2 million jobs amid the Covid-19 crisis.According to Statistics Canada, the unemployment rate soared to 13%, up from the 7.8%recorded in March of 2020. Around the same period, the inflation rate dropped from 2.2% inFebruary to 0.9% in March and -0.2% in April. Use appropriate graph(s) to explain thefollowing.a) Was there a trade-off between the unemployment rate and the inflation rate between themonths of March and April 2020? How can the Phillips curve be used to answer thisquestion?b) If the unemployment rate and inflation are both rising, can this be explained by amovement along a given Phillips curve? What must happen to aggregate demand andaggregate supply? What must be happening to the Phillips curve?c) If the Bank of Canada continues to undertake expansionary monetary policy, how will theunemployment rate and inflation be affected? (Use both Phillips curve and aggregatesupply-aggregate demand graphs in your explanation.)d) Is there a trade-off between the unemployment rate and inflation in the long run? How isthe long run aggregate supply curve related to the long run Phillips curve?

Step 1a.Between March and April 2020, Canada witnessed a sharp rise in unemployment from 7.8% to…

Answered: In April 2020, the Canadian economy…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In macroeconomics, how can you tell when someone has worked too hard or too little during a period of inflation? Please answer numerically and graphically.
The following five individuals have different utility functions over food (good x) and clothing (good y): 1) u₁(x, y) = 3x²y 2) u₂(x, y) = 2√x + y 3) Uz(x, y) = x0.6y0.4 4) u₁(x, y) = x² + y² 1 5) us(x, y) = x + 3y For each of these people: a) Compute their marginal utilities of good x, MUx = Ju(x,y) MU, = ду du(x,y) ax b) Check whether the property of "more is better" is satisfied for both goods? Explain. [Hint: Check whether marginal utilities are positive assuming positive amounts of good x and good y] ƏMUX əx and marginal utility of good y, c) Does the marginal utility of good x diminish, remain constant, or increase as each of the individuals buys more x? Explain. [Hint: There are 2 ways to do it: 1) visually check what happens to the expression of MUx when x increases (does it decrease, keep constant or decrease?); or 2) take the partial derivative of this marginal utility with respect to x, that is ƏMUx .aMUX ƏMUX If 0, the marginal utility of x is increasing in x] d) Does the…
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Make an inflation rate forecasts graph based on the description. I need help please. Based on our analysis of the last ten years of inflation data, we project that inflation rates in the Philippines under the Marcos administration will remain relatively stable over the next five years. From 2011 to 2020, inflation rates in the country ranged from 1.2% to 6.7%, with an average of 3.4%. For the next five years, we expect inflation rates to remain within the range of 2.5% to 4.5%, with an average of 3.5%.
Suppose that before the end of the year a typical consumer purchased 125 apples, 60 bananas, and 85 oranges. Year 1 Year 2 Price of apple Price of banana 0.75 $ 0.90 0.20 0.45 Price of orange 24 0.25 $ 0.60 What is the price index for year 2, using year 1 as the base year (round to the nearest full number)?
Suppose you have $150,000 in a bank term account. You earn 5% interest per annum from this account. You anticipate that the inflation rate will be 3% during the year. However, the actual inflation rate for the year is 6%. Calculate the impact of inflation on the bank term deposit you have. ii. Examine the effects of inflation in your city of residence with attention to food and accommodation expenses. iii. The Australian Bureau of Statistics (ABS) reported in May 2016 that the civilian population in Australia over 15 years of age was 19.8 million. Of this population of 19.8 million Australians, 12.5 million were employed and 0.7 million were unemployed. Calculate Australia’s labor force and the number of people in the civilian population who were not in the labor force?
Answer please
This question requires effective research to gather pertinent labor market statistics. Consider the source of your data. Official labor market statistics are gathered into “jobs reports” by the United States federal governmental agency: the Bureau of Labor Statistics or BLS. (6 points.)a. Find the following statistics on employment in January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: c. Find the changes in each statistics from January, 2021 to January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: d. Find the changes in each statistics from January, 2010 to January, 2011:Unemployment rate: Labor Force Participation Rate: Employed population: e. Briefly compare the severity of the two recoveries citing relevant statistics.
A price index for a basket of goods over four years was calculated to be: 2014 = 92, • 2015 =97, • 2016=100, • 2017=107. Calculate the inflation rate for each year so that you will enter: Blank #1 = Inflation Rate for 2015 Blank #2 = Inflation Rate for 2016 • Blank #3 = Inflation Rate for 2017 What is the base year in this scenario? • Blank #4 = Base year for this basket %3D Round to two decimal places Blank # 1 Blank # 2 Blank # 3 Blank # 4
My CPI numbers are way too big. I keep getting 500 and 400. What am I doing wrong? For year 2009 I added 2,000 for the hot dogs, plus 2,000 for the baseballs, plus 1,000 for the beer divided by 900 for the base year. And times 100.
A) Inflation is the steady and widespread increase in prices. The inflation rate, measured by CPI, rose .1% in May (since April) and rose a total of 4% year-over-year (May 2022 to May 2023). Read the BLS report on the Consumer Price Index and identify an “item” or “all items” and begin to consider why the price increased. Do a news search or using (clear, logical, rational) reasoningexplain whether prices are increasing because demand increased or because supply decreased. Graph and explain your answer

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