Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 21, Problem 2P
To determine
The factors that support workers to become more productive in high income economies than their peers in other economies.
Concept Introduction:
The percentage of output obtained from a labor by its employer is known as labor productivity. The productivity of labor is vital for achieving performance efficiency and better output in a business organization.
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3. As the baby boomer generation retires, what should happen to wages and employment? Can you show this
graphically? (draw it)
M7
3.
(a) We saw in Chapter 4 that the TFP for Brazil is about 0.43 (=43%). Briefly
and clearly explain what this number 0.43 tells us.
O
TFP refers to Total Factor Productivity of a nation, and it measures how
effective is an economy by applying all factors of production. At the
given question, Ithe 0.43 TFP for Brazil refers to the quantity produced
using 100% of inputs.
(b) Relative to the USA, Argentina's y = 0.30 and k = 0.18. Calculate its TFP (Ā)
using the production model we studied (round to the 2nd decimal place).
y=Ak¹/3
0.30= A*(0.18)¹3
A= 3.33333
A=3.33
4. (a) Explain clearly the job separation rates and the job finding rate f in the
bathtub model of unemployment. Write out the formula for each rate.
O
In the bathtub model, the separation rate captures the number of
employed people who lose their job. While Job finding rate captures the
Chapter 21 Solutions
Econ Micro (book Only)
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- 3. Describe any five important differences between the labour market and the goods market.arrow_forward31. Which of the following happens when the country's labour is more productive? a.A decrease in total factor productivity b.An increase in real wage c.An increase in real production d.A decrease in factor incomearrow_forwardjust subpart d) need graph (figure) drawn computerisedarrow_forward
- 20. If 100 domestic workers work at $20 per hour, and 10 immigrant workers arrive willing to work at $15 per hour; why is it incorrect to say “10 domestic workers will lose their jobs"? What is this person forgetting? A:arrow_forward(Why wages differ) Why might permanent wage differences occur between different markets for labor or within the same labor market?arrow_forwardYear 2019 Product Quantity Apples 10 Bananas 17 Your Answer: Average Price per Unit Answer $5 $20 ' Year 2020 Quantity 6 7 Average Price per Unit Using year 2020 as the base year, the economy's consumer price index (CPI) in year 2019 is (Your answer should include the first decimal point, if any.) $16 $24arrow_forward
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