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Consider an economy that initially has a labor force of 2000workers. Of these workers, 1900 are employed and each works 40hours per week. Ten units of output are produced by each hour oflabor.
(a) What is the total number of hours worked per week in theeconomy? What is the total output per week in the economy? What isthe labor productivity per hour? What is the labor productivity perworker in a week? What is the unemployment rate?
(b) The economy enters a recession. Employment falls by 4% and thenumber of hours per week worked by each employed worker falls by2.5%. In addition 0.2% of the labor force becomes discouraged atthe prospect of finding a job and leaves the labor force. Finally,suppose that whenever total hours fall by 1%, total output falls by1.4%. During the recession, what is the size of the labor force?How many workers are unemployed and what is the unemployment rate?What is the total output per week in the economy? What is the laborproductivity per hour? What is the labor productivity per worker ina week?
The cost of shipping steel to the nearest buyer would be $20 per ton. In the meantime, a business next door just went bankrupt and the bank is offering a special deal where you can buy another 100 tons of steel for $180 per ton. Assume that the in..
Economists refer to consumer satisfaction as utility and use "utils" to measure consumer utility. Jill enjoys cookies and milk as a snack. Below is a table showing Jill's utility from consuming cookies and milk: Total Utility (Utils) 0, 1, 2, 3, 4..
A risky asset has two possible outcomes. Outcome 1 pays $20 with 20% probability, and outcome 2 pays $50 with 80% probability. What is the standard deviation of payoffs of this asset
In the economy of Cape Despair, the subsistence real wage rate is $15 an hour. Whenever real GDP per hour rises above $15, the population grows, and whenever real GDP per hour of labor falls below this level, the population falls.
A business magazine is available for $58 for 1 year, $108 for 2 years, $153 for 3 years, or $230 for 5 years. Assume you will read the magazine for at least the next 5 years. For what interest rates do you prefer each payment plan
A distillation column is purchased for $300,000. The firm finance 40% of the investment with its own resources, and the rest with a loan to be repaid in 10 equal semiannual payments at an interest rate of 6% compounded semiannual. (Hint recall tha..
Assume that government ownership doesn't affect the cost of supplying gas. If the government's objective is to maximize the net benefit (social welfare) to the community as a whole, what price should be set
Toget started, the owner of Sound Devices spent $100,000 of his personal savings to pay for some of the capital equipment used in the business. In 2010, the owner of Sound Devices could have earned a 15 percent return by investing in stocks of oth..
Gasoline costs $0.95 per liter and will increase at 6% per year. At a fuel economy of 9km/liter, what is the present worth cost of fuel for five years of driving 30,000km per year Use 6.2% interest. What is the equivalent equal annual cost of the ..
If one country has a corporate income tax of 20% and a second country has a corporate income tax rate of 15%, what can you expect to occur a. Now suppose the country with a corporate income tax rate of 20% lowers its rate to 9.5% five years later.
Suppose you have some information on a sample of investment bankers, and are interested in impacts of height and of seniority on their success.
Suppose the firms play this game for five years in a row, and they know that at the end of five years, both firms plan to go out of business. What is the sub game-perfect equilibrium for this five-period game.
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