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Change in unemployment affect inflation

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Reference no: EM133256134

A) Unemployment dropped from 3.7 to 3.5 % from August to September 2022. This means less persons that were looking for a job were stuck being unemployed and they found employment.* If the unemployment number falls, what happened to the supply and demand for labor? Graph the supply and demand for labor in August and then again in September (no numbers necessary, just the graph. Fully label the graph). Note that the price of labor is what we call a "wage".

B) Another way for unemployment to fall is for people that are looking for work to stop looking. What would this graph look like if unemployed persons no longer wanted a job? (they retired, died, went back to school, etc).

C) Based on your findings for part A & B, how might this change in unemployment affect inflation?

Reference no: EM133256134

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