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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