Question 1 (2 points) Given the following data, what is average labor productivi Real GDP/person $50,000 !3! Population employed = 80% A) $40,000. B) $50,000. C) $62,500. D) $66,667.
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- 3. (a) We saw in Chapter 4 that the TFP for Brazil is about 0.43 (=43%). Briefly and clearly explain what this number 0.43 tells us. O TFP refers to Total Factor Productivity of a nation, and it measures how effective is an economy by applying all factors of production. At the given question, Ithe 0.43 TFP for Brazil refers to the quantity produced using 100% of inputs. (b) Relative to the USA, Argentina's y = 0.30 and k = 0.18. Calculate its TFP (Ā) using the production model we studied (round to the 2nd decimal place). y=Ak¹/3 0.30= A*(0.18)¹3 A= 3.33333 A=3.33 4. (a) Explain clearly the job separation rates and the job finding rate f in the bathtub model of unemployment. Write out the formula for each rate. O In the bathtub model, the separation rate captures the number of employed people who lose their job. While Job finding rate captures the31. Which of the following happens when the country's labour is more productive? a.A decrease in total factor productivity b.An increase in real wage c.An increase in real production d.A decrease in factor income5 Define total factor productivity (TFP). Show how to use the production function to estimate the TFP for Mexico relative to the United States. (If you want to use numbers, Mexico’s capital per person (k) was 32% of the U.S.’s and its GDP per capita was 30% of U.S.’s in 2014.) Germany has 2% more capital per person that the U.S., and German GDP per person is about 90% of U.S. GDP per person. Is TFP higher in the U.S. or in Germany?
- The following data gives real GDP (Y), total factor productivity (A), and Capital (K), for two years. A K 1 25 1.1 81 Year 1980 1990 Y 400 990 Assume the production function is Y-AK0.5 0.5. By what percentage did labor grow between 1980 and 1990? Op. 40.75% Ob. 20.15% O c. 96.00% d. 56.25%If a country's GDP is $200 million, and its total population is 10,000, but only 8,000 of these people work, the country's per capita income is: O a) $11,111. Ob) $20,000. O c) $25,000. d) $100,000.Suppose the production data of XYZ company mentions labor (L) as a variable input and machine (K) as a fixed input. Complete the table as XYZ increases its number of laborers (L). L TP MP AP 1 100 100 100 2 220 120 110 3 270 1) _____ 90 4 270 2)_____ 3)_____ 6 4)_______ 5)_____ 50 8 180 6) ____ 7) ____
- (a) Explain the effects on the equilibruim if Total Factor Productivity decreases temporarily. (b) What should be the effect if Total Factor Productivity decreases permanently? (c) Explain the difference between part a and b4. The purpose of this question is to provide your experience in estimating the share of labor income. You can use Excel or any computer program you desire. Please only submit the part I ask you for. a. First, go to the Bureau of Economic Analysis website and search for Table 1.10. (Finding data is part of the research process...) b. Modify and download the data from 1929 to 2022 annually. You can set the measurement unit in billions of US dollars. c. Estimate the labor share of income for each year by doing this: Labor Share of Income - Compensation of Employees A -*100% Where A = Gross Domestic Income - Consumption of Fixed Capital - Taxes on Production and Imports - Less: Subsidies 1 Let me explain the logic of the above equation: the numerator is clear, and the compensation of employees represents the total income the labor class receives. The denominator is more complicated. Gross domestic income represents the total amount of income of the economy. We subtract consumption of…(Table) Based on the table, what is the average product of the sixth worker? a. 7 b. 8 c. 7.75 d. 8.5
- Consider the data for the four months shown below. May June Units produced 1,282 1,320 Labor hours 326 314 Calculate the monthly labor productivities. Do not round intermediate calculations. Round your answers to three decimal places. Productivity Month March April May June Months 3.837 3.825 March-April April-May May-June unuts/hour unuts/hour unuts/hour unuts/hour Calculate the monthly productivity growths. Do not round intermediate calculations. Round your answers to two decimal places. Use a minus sign to enter a negative value, if any. Productivity CHINO EPIT growth X X X % % March 1,262 329 April 1,224 320 %Question 4Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph:a) an increase in labour productivityb) an increase in preference for workc) the trade union withdraws labour through a strike.Question 5Year 2010 2011 2012 2013 2014 2015Economic Growth (%) 2.7 1.7 1.3 2.7 2.5 1.9Unemployment (%) 9.6 8.9 8.1 7.4 6.2 5.3Examine the data on the economic growth and unemployment rate for 2010-2015(i) What trends do you observe in the unemployment rate? In economic growth?(ii) Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship)…Marginal Produt and Resources How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made labor unions such an integral part of the workforce? What is the difference between the rates of return for a renewable and nonrenewable resource? How do the rates of return on capital and land differ between a renewable resource and nonrenewable resource? How does the growing demand for food, fuel, and export affect the market for land?