Reference no: EM132791766

Question 1: Follow the link to Productivity and Costs data https://www.bls.gov/news.release/pdf/prod2.pdf Explain what has been happening recently, 2020 versus 2019, to productivity and costs of production?

Question 2: Based off of only the annual change in productivity data in Q1 answer the following question. Would the change in annual productivity impact the overall aggregate supply curve for goods and services in the Macro economy? If so how does it impact the supply curve? Graph your results using Excel or Google Graphs.

Question 3: Click on the Real Earnings pdf link here: https://www.bls.gov/news.release/pdf/realer.pdf What has been happening over the past year to the real earnings of U.S. workers? What are the nominal changes? What does the term "Real" mean? How does this, if at all, relate to the consumption finction?

Question 4: Based off of the annual income numbers in Q3; What do you believe will be the the impact of this change in income will have on the demand for Spam (the food not junk email)? Reflect this change by describing how either the supply or demand will react to this change. Is this considered to be a price determinant or a non-price determinant? Graph your results using Excel or Google Graphs.