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The following information is to be used for calculations of the unemployment rate: Suppose there are two major groups, adults and teenagers, with adults divided into men and women. Teenagers account for 10 percent of the labor force; adults account for 90 percent. Women make up 35 percent of the adult labor force. Suppose also that the unemployment rates for these groups are as follows: teenagers, 19 percent; men, 7 percent; women, 6 percent.
a. Calculate the aggregate unemployment rate.
b. What if the share of teenagers in the labor force increases from 10 to 15 percent. How will this affect the aggregate unemployment rate?
Assume that each firm can buy only one license. What is the maximum amount you would be willing to pay for a license?
Solve again for the price that the consumer pays
You have 8 midgets (M) and 12 dwarves (D). The price of midgets is $10 each, and the price of dwarves is $11 each. If your utility function for midgets and dwarves is given by U(M,D)=.5M + .6D, what will your optimal consumption of MIDGETS be.
Jane invested $ 9,000 in a high yield bank account. At the end of 15 years she closed the account and received $299,000. Compute the effective interest rate per year she received on the account if the interest was compounded yearly.
You shop for groceries in 2007 and buy $300 of food. Two years later, in 2009, you buy an identical "market basket" of groceries, only this time it cost $318. What is the CPI relative to 2007 as the base year
Suppose a competitive firm produces spaghetti dinners. The market price of a spaghetti dinner is $20. The cost of making the dinners is given by C(Q) = 10Q + (Q2/160). The marginal cost is given by MC = 10 + (Q/80).
The demand function for VCRs has been estimated to be Q_v=134-1.07P_t+46P_m-2.1P_v-5M , where Q_v is the quantity of VCRs, P_t is the price of a videocassette, P_m is the price of a movie, P_v is the price of a VCR, and M is income.
How many atoms of each type are there per unit cell?
estimate the following cross-sectional model based on data for all 50 states (standard errors in parentheses): Ci^ = 100 - 9.0E+ 1.0i - 0.04T - 3.0V + 1.5R (3.0) (1.0) (0.04) (1.0) (0.5) t = -3.0 1.0 -1.0 -3.0 3.0 where Ci = number of cigarettes c..
A U.S. firm is considering moving its production to Mexico. Its estimated production function is q = L 0.5 K 0.5 . The U.S. factor prices are w = r = 10. The Mexican factor prices are w* = 5, r* = 10. What is the optimal input bundle ( L,K..
Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the short run, his production function is given by 5 + 2L = Y , where L is the number of mechanics and Y is the number of cars they can fix. If Jeff hires a fou..
Suppose that US prices rise 4 percent over the next year while prices in Mexico rise 6%. According to the purchasing power parity theory of exchange rates, what should happen to the exchange rate between the dollar and the peso?
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