The top table describes an economy's labor market and the bottom table describes its production function. Real wage rate (2012 dollars per hour) Labor hours supplied Labor hours demanded 120 105 90 75 60 45 30 Labor hours 75 90 105 120 135 150 165 180 4,275 5,400 225 210 195 180 Real GDP (2012 dollars) 6,375 7,200 7,875 8,400 8,775 9,000 What is potential GDP? 165 150 135 75 90 105 120 135 150 165
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- % Robots on the farm Commercial farms of the future may be staffed by robots that will identify, spray, and pick individual pieces of produce from plants, even when their targets are grapes, peppers, and apples that are as green as the leaves that surround them. Robots could also offer a timely supply of labor in many places, where there simply aren't enough itinerant workers available at the right times in the harvesting cycle. Source: ABC News, April 17, 2011 How will the use of robots change the value of marginal product of farm workers? Robots will the value of marginal product of fruit pickers. A. decrease OB. increase O c. have no effect on O D. decrease to zero OE. sometimes increase and sometimes decrease 6 COM & 7 8 C 9 # 0 Next mpts tact Us | =SMarginal product of labor 95 45 0 85 MP₁ Real wage Quantity of Labor Food is produced using land and labor. According to the figure above, what is the total value of food production (in dollars)?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)…
- Consider the following table, which describes the prices and quantities of goods produced in an economy over 3 years. Treat 2018 prices as base-year prices. 2018 2019 2020 Item Prices Quantities Prices Quantities Prices Quantities Meal Kit Delivery $106.00 65025 $110.00 81600 $109.35 91600 Water $46.00 80025 $51.25 87350 $49.10 89850 Hydro Electricity Dry cleaning $53.00 $62.00 76025 $59.25 84200 $57.85 86350 43025 $67.00 49850 $67.10 47350 Entertainment $26.00 51025 $31.50 57900 $32.10 60950 Carry all rounded answers to later parts of the problem. • First two blanks: round the GDP deflator to 1 decimal place (example: 0.1). • Third and fourth blankS: report the GDP increase and change in price level as a percentage, rounded to 1 decimal place (example: 0.1). Do not include the % sign. The GDP deflator for 2019 is The GDP deflator for 2020 is % between 2019 and 2020. The economy's output level increased by % between 2019 and 2020. The price level increase byThe tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed is million hours. Table 1 Production Function Labor hours (millions) 5 10 15 20 25 Table 2 Labor Market Real wage rate (2012 dollars per hour) 20 19 18 17 16 Real GDP (millions of 2012 dollars) 100 195 285 370 450 Quantity of labor demanded Quantity of labor supplied (millions of hours per year) 5 25 10 20 15 15 20 25 10 5Practice 2 Sovyl Consider the following data on the X-product: 50 GDP deflator year price of X quantity of X Nominal GDP (base year 2005) 2010 $11.50 105,000 125 2011 $11.96 106,000 130 a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price?
- Consider an economy that produces and consumes bread and automobiles. The table below presents the data for two different years Bread (a loaf) Automobile Year Price Quantity Price Quantity 2013 $10 500,000 $50,000 100 2021 $20 450,000 $60,000 150 Cost of basket for both 2013 & 2021 CPI (consumer price index) for 20218 n9 on 10 tion 11 estion 12 K aestion 13 Question 14 Question 15 Question 16 Question 17 Suppose in 2019, the cost of a market basket of goods was $1,995. In 2021, the cost of the same market basket of goods was $2.119. Calculate the price index for 2021, using the price index formula, assume 2019 is the base year (Enter your response as an index number rounded to one decimal place.) Type here to search H ENCThe tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. Question Help v Table 1 Production Function The quantity of labor employed is million hours. Labor hours Real GDP (millions of 2012 dollars) (millions) 25 500 50 975 75 1,425 100 1,850 125 2,250 Table 2 Labor Market Real wage Quantity of labor demanded Quantity of labor supplied rate (2012 dollars per hour) (millions of hours per year) Question Viewer 20 25 125 19 50 100 18 75 75 17 100 50 16 125 25 (? Enter your answer in the answer box and then click Check Answer. Check Answer Clear All parts remaining MacBook Air DD F12 DII F11 F10 F9 00נ F8 F7 20 F6 F5 F4 F3 F2 esc F1 & @ $ 7 8 ! 4 1 2 P W E %3D Q tab J K G H F 00 3.
- Q.3.3 Year (Base year) 2018 2019 2020 2021 Cost of a basket (R) of consumer goods/services Show how gross national product (GNI) can be derived from gross domestic product (GDP). 1850 2190 2380 2560The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. Table 1 Production Function Labor hours Real GDP The quantity of labor employed is million hours. (millions) (millions of 2012 dollars) 25 500 50 975 75 1,425 100 1,850 125 2,250 Table 2 Labor Market Real wage Quantity of labor demanded Quantity of labor supplied rate (2012 dollars per hour) (millions of hours per year) 20 25 125 19 50 100 18 75 75 17 100 50 16 125 25 Enter your answer in the answer box and then click Check Answer. Check Answer Clear All parts remaining MacBook DII DD F11 F12 888 J00 DOO :こ F10 F9 20 F7 F8 F6 F5 F4 F3 esc F2 F1 & % ! @ # 6. 7 8 3 4 5 1 2 P Y [ Q W E R tab | K G A S D leck %24The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Prices and Quantities Year 2015 2016 2017 2018 Price of Cereal $4.00 $4.00 $5.00 $6.00 Quantity of Cereal 100 120 150 180 Refer to Table 23-5. In 2017, this country's Price of Milk $1.50 $2.00 $2.50 $3.50 O real GDP was $1250, and the GDP deflator was 138.9. O real GDP was $1250, and the GDP deflator was 128.0. O real GDP was $900, and the GDP deflator was 138.9. O real GDP was $900, and the GDP deflator was 128.0. Quantity of Milk 180 200 200 240