Does pattern of unemployment help explain movement of wages

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Reference no: EM131308865

1. Draw a graph to illustrate the following:

a. A Phillips Curve based on the assumption of a vertical longrun aggregate supply curve

b. The effect of a change in inflationary expectations on a recently stable Phillips Curve c. Unemployment caused by a recently enacted minimum wage law

2. Obtain data on "average hourly earnings of production workers" and the unemployment rate for your state or area over a recent 2-year period. Has unemployment increased or decreased? What has happened to wages? Does the pattern of unemployment help explain the movement of wages? Provide an explanation.

Reference no: EM131308865

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