Actual rate of unemployment relative to the natural rate

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Q1. Calculate arc elasticity at the interval between P = 5 also P = 6.

Q2. Contraction GAP, Illustrate what does a Contraction Gap imply about the actual rate of unemployment relative to the natural rate? Illustrate what does it imply about the actual price level relative to the expected price level? Illustrate what most happen to real also nominal wages in order close a contraction gap?

Q3. Suppose which in Ireland total annual output is worth $600 million also people work 30 million hours. In Canada total annual output is worth $800 million also people work 50 million hours. Productivity is higher
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Reference no: EM1313466

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