You are given the following information on an imaginary economy of their adult population. Number of people who are employed 75,000 Number of people who are unemployed 6,000 Number of people who are not in the labor force 25,000 Based on the above information calculate the following for this economy; • Unemployment rate • Labor Force Participation Rate Note: Make sure to show steps. For the toolbar, press ALT+F10 (PC) or ALT+EN+F10 (Mac)

You are given the following information on an imaginary economy of their adult population. Number of people who are employed 75,000 Number of people who are unemployed 6,000 Number of people who are not in the labor force 25,000 Based on the above information calculate the following for this economy; • Unemployment rate • Labor Force Participation Rate Note: Make sure to show steps. For the toolbar, press ALT+F10 (PC) or ALT+EN+F10 (Mac)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume an economy has a population of working age of 83 million and unemployment rate is 4%. Further, the average productivity of labour is 80,000 and the average mark-up in the economy (µ) is 5%. The wage-setting curve for this economy is given by real wage = 55,000 + 25, 000X, with X representing the employment rate. The labour market is in equilibrium. (a) Calculate the equilibrium real wage of the economy. (b) Calculate the employment rate of the economy. Calculate the number of employed workers in the economy. (d) s) Calculate the participation rate of the economy.
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