EBK MODERN PRINCIPLES OF MACROECONOMICS
4th Edition
ISBN: 8220106834978
Author: COWEN
Publisher: YUZU
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Question
Chapter 11, Problem 1FT
To determine
Who among the given list of people can be categorized as “unemployed”?
Expert Solution & Answer
Answer to Problem 1FT
A person out of work and actively searching for work
Explanation of Solution
A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.
A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.
A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.
A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.
Economics Concept Introduction
Concept introduction:
Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.
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3. Case 2) Coal plants exit, and Solar generation enters the market
Now, let's consider a scenario where the coal power plant (#1) shuts down and exits the market,
and a solar generation facility is constructed. The capacity of the solar generation facility is the
same as the coal power plant that went out of business. The generation capacities of this market
are shown below, along with their MC.
Table 3: Power Plant Capacity and Marginal Cost: Case 2
Plant #
Energy Source
Capacity (MW)
MC (S/MWh)
2
Oil
100
90
3
Natural Gas
500
50
4
Nuclear
600
0
5
Solar
300
5
Note that the solar plant (#5) can generate electricity only from 7 AM until 5PM. During these
hours, the plant can generate up to its full capacity (300 MW) but cannot generate any when
unavailable.
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(b) Find the market clearing prices and calculate how much electricity each power plant
generates in the hourly market (4AM, 10AM, 2PM, and 6PM).
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Chapter 11 Solutions
EBK MODERN PRINCIPLES OF MACROECONOMICS
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Similar questions
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