In order to improve the living standards of the people in Philippines after the devastating typhoon Haiyan, the government decided to increase the labour wage per hour from AUD 17.50 to AUD 25.00. Also, Philippines experienced structural unemployment and frictional unemployment.What is the hardest type of unemployment that Philippines experienced as a result of typhoon Haiyan? Explain your answer. Use the figure below to examine the effects of the government minimum wage of AUD 25.00 in Philippines. Examine the effect of government minimum wage of AUD 25.00. Assume the increase labour is equivalent to the total labour force and calculate the unemployment rate The figure below indicates that the aggregate demand curve slopes left to right downwards. Explain the factors that account for the shape of the Aggregate demand curve. 40.0035.0030.00DD25.0020.0015.0010.005.001015202530Labor supply (Millions)Wage / hour (AUD) Real GDP (AUD billions)CPI (Price Level

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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 order to improve the living standards of the people in Philippines after the devastating typhoon Haiyan, the government decided to increase the labour wage per hour from AUD 17.50 to AUD 25.00. Also, Philippines experienced structural unemployment and frictional unemployment.

What is the hardest type of unemployment that Philippines experienced as a result of typhoon Haiyan? Explain your answer.
Use the figure below to examine the effects of the government minimum wage of AUD 25.00 in Philippines.

Examine the effect of government minimum wage of AUD 25.00. Assume the increase labour is equivalent to the total labour force and calculate the unemployment rate
The figure below indicates that the aggregate demand curve slopes left to right downwards. Explain the factors that account for the shape of the Aggregate demand curve.

40.00
35.00
30.00
DD
25.00
20.00
15.00
10.00
5.00
10
15
20
25
30
Labor supply (Millions)
Wage / hour (AUD)

Real GDP (AUD billions)
CPI (Price Level

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