MACRO ECON 6
6th Edition
ISBN: 9780357689820
Author: MCEACHERN
Publisher: CENGAGE L
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Chapter 8, Problem 5P
To determine
Impact of technological change on
Introduction: Technological unemployment is the loss of jobs caused by technological change. Such change typically includes the introduction of advanced machines which saves labor hours. The change in technology can cause short-term job losses.
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MACRO ECON 6
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- (d) Calculate the total change in qı. Total change: 007 (sp) S to vlijnsi (e) B₁ is our original budget constraint and B2 is our new budget constraint after the price of good 1 (p1) increased. Decompose the change in qı (that occurred from the increase in p₁) into the income and substitution effects. It is okay to estimate as needed via visual inspection. Add any necessary information to the graph to support your 03 answer. Substitution Effect: Income Effect:arrow_forwardeverything is in image (8 and 10) there are two images each separate questionsarrow_forwardeverything is in the picture (13) the first blank has the options (an equilibrium or a surplus) the second blank has the options (a surplus or a shortage)arrow_forward
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