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- The marginal product of labor (measured in units of output) for a certain firm is: MPN = A(100-N), where A measures productivity and N is the number of labor hours used in production. The price of output is $2 per unit. (Round all answers to two decimal places.) If A = 1 and the nominal wage is $80, the quantity of labor demanded will be 60 If A = 1 and the nominal wage is $100, the quantity of labor demanded will be 50 Assume that A is equal to 1. Using the line drawing tool, draw the labor demand curve from 0 to 100 units of labor. Properly label this line. Carefully follow the instructions above, and only draw the required objects. If A = 1, the price of output is $4, and the supply of labor is fixed at 85, the equilibrium real wage is 15, and the equilibrium nominal wage is $60. C Real Wage, W/P 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 (10,0) 0 10 20 30 40 50 60 70 80 90 100 110 120 Labor, N ONConsider the labour market represented in the following graph: real wage W P equilibrium employment WS PS Employment rate Where WS represents the Wage Setting relationship, and PS represents the Price Setting relationship. Which of the following statements are INCORRECT? Changes in the marginal product of labour will change the equilibrium level of unemployment because it makes the wage setting (WS) curve shift. A non-labour related increase in cost of production, will shift the PS curve downwards. The PS curve is horizontal because changes in prices do not affect the rate employment in the economy. A positive demand shock that increases actual output will move the equilibrium employment to the right of the point E in the graph.The College Board reports that since 2000, college tuition and fees have increased by 160 percent while the share of family income required to pay for tuition at public four- year colleges has risen from 5 percent in 2000 to 14 percent in 2015. This is an example of condition. ● a deflationary an inflationary a depressive a recessionary a repressive
- Tables 1 and 2 below are drawn from the article by Bunn P,. Ellis C., (2012), “How do individual UK producer prices behave?”, The Economic Journal, 122, 558, F16 – F34 The aim of the research is to investigate the frequency with which UK producer prices change. In order to carry out their investigation the researchers use microdata that underpin the UK Producer Prices Index collected each month by the Office for National Statistics. Why is this research of interest for macroeconomists in general and UK policy makers in particular?During this pandemic-recession, it is likely that many people (particularly females with children) who are officially counted as not in labor force actually should be counted as a) unemployed b) employedAt any moment in time, middle-age people tend to have lower incomes than both younger and older people do. OTrue OFalse
- We studied three measures of wage dispersion and two measures of wage asymmetry in the chapter. What are they?do fast .One of the factors in z, the catch-all variable, is the minimum wage, a price floor below which the nominal wage cannot go A decrease in this factor will be expected to the nominal wage.
- Britney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 2 Year 1 5 Baseball $500$560 Tickets Jersey $120 $150 $150 $160 Food Transport $60 S$70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. 100, 113 100, 88 88, 113 88, 100FILL IN THE BLANKS Unemployment occurs when a worker who is not currently employed is unable to find suitable paid employment. In every economy, however, there will always be people moving between jobs. This group is known as the unemployed. But, if finding another job takes so long so that the individual stops looking, then he/she is classified as a worker and is no longer counted in the unemployment statistics. An economy’s natural rate of unemployment is the sum of its frictional and employment. If the labor market become more efficient so that people looking for work find matching jobs quicker, then the natural rate of unemployment will . The increase in unemployment that occurs during recessions (or downturns) in the economy is known as the type of unemployment.Book: MacroeconomicSteinar, holden, osloCappelen damm academic,2016