The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

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Answer 1

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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2. a) Consider a market where one firm (firm 1) currently produces, but a second firm (firm 2) is intending to enter and sell an identical product. The market has inverse demand given by p = 40 – Q, where Q is the total output sold in the market. Firm 1 has a marginal cost of 16 and firm 2 has a marginal cost of c < 16, with no fixed cost for either firm. Firm 2 has a choice of competing on price or quantity, with firms making their choices simultaneously (i.e. the market will be either a Bertrand or Cournot duopoly). If you were advising firm 2 on entering this market, how would you advise it to compete? To what extent would the size of firm 2’s cost advantage affect your advice? b) Now assume that firm 2 is aware that other firms are considering entering the market, so the market may over time change from a duopoly to an oligopoly with more than two firms. This would not change the nature of competition (i.e. any additional firms would set price or quantity in line with the first…

1. Consider two firms (i=1,2) interacting in the market. Assume that firms compete in quantities and therefore they choose either to cooperate or not in each round. If a firm deviates it earns monopoly profit for a round and a punishment phase will follow from next round onwards (for ever) where both firms choose the Cournot quantity. Assume a discounting factor & and that firms meet in the market in every period. The demand facing the industry is p = 1 92. Let Q = q1 + 92 denote the aggregate industry output - 91 - level. Assume further that production is costless.

Answer 2

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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Answer 3

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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Answer 4

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

Answer 6

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

Answer 7

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Answer 8

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.