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Unemployment

Demand and supply conditions

Demand and supply conditions in the perfect competitive market for unskilled labor are as follows Qd = 120 - 20P (Demand) Qs = 10P (Supply) Where Q is millions of hours of unskilled labor, and P is the wage rate per hour. h. Graph the industry demand and supply curves. i. Determine the industry equilibrium price/output

Price elasticity of demand Vs additional workers

You work for an unemployment agency that distributes unemployment checks to unemployed workers in your state. Your boss recently learned that the President proposed a 21 percent increase in the minimum wage, and wants you to provide her with an estimate of the number of additional workers who will file for unemployment compensat

Economics - you won a free ticket to see an Eric Clapton concert (which has no resale value). Led Zeppelin is performing on the same night and is your next-best alternative activity.

Please see attachment. "Show" typically means a graph/draw in addition to wording. Thank you. 1. You won a free ticket to see an Eric Clapton concert (which has no resale value). Led Zeppelin is performing on the same night and is your next-best alternative activity. Tickets to Zepp cost $75. On any given day, you would

Defining Public versus Private Goods

Suppose that you are the head of a government agency that oversees re-training programs for the unemployed. a) Discuss whether the service that your agency delivers is a public or private good. b) Will the private market of demand and supply for labor [as measured by the unemployment rate] lead to an efficient outcome? Why or wh

The Effect of Taxes and Subsidies on the Demand and Supply of Milk

Suppose the demand and supply for milk are described by the following equations: QD = 600 - 100P; QS = -150 + 150P, where P is price in dollars, Q D is quantity demanded in millions of gallons per year, and Q S is quantity supplied in millions of gallons per year. 1. Create demand and supply tables corresponding to these equati

Unemployment research

Http://stats.bls.gov/ 1. First, state the most recent unemployment rate for all workers in the U.S. 2. Within the unemployment data are the recent unemployment rates for various groups in the U.S. (The unemployment rate is the percentage of that group that is IN THE LABOR FORCE, BUT UNEMPLOYED). I would like to look

Microeconomic and Macroeconomic analysis

Find an article in a business magazine or journal (paper or online) and first summarize the facts presented in the article and then relate these facts to some microeconomics or macroeconomic concept that you discovered in the reading. Identify and distinguish microeconomic analysis from macroeconomic analysis; also identify and

Unemployment Rate Threshold

How would the measured levels and changes in the unemployment rate during a recession be affected if discouraged workers were counted as unemployed? Explain. How does the length of the recession affect your answers?

Inflationary and Recessionary Gaps and Aggregate Supply

Dear OTA: Could you please explain the following to me. I am struggling with economics. Thanks ***Please compare and contrast the concepts of inflationary and recessionary gaps. ***Please discuss the effects of an increase and decrease in productivity on aggregate supply. Thank you

Drawing and Describing a Production Possibilities Curve

Draw a production Possibilities Curve and label and describe points within the curve, outside the curve, and on the curve. Put an "x" where there production would be with 100% unemployment. Where (approximately) would production be during a recession?

Supply and Demand, Market Equilibrium & Cost Data

5. (TCO B) The following table shows part of the demand for tickets to a local sporting event: Price(P)...Quantity(Q) 15...........40 10..........100 6............150 3............250 a. Is demand elastic in the $3 - $6 price range? b. Ed = 0.8 in the $6 - $10 price range. In this range of demand, by what percentage w

The current rate of unemployment of 5% is too high. This is an example of

The current rate of unemployment of 5% is too high. This is an example of a. normative statement b. positive statement c. the circular flow model d. none of the above. My answer is C because The circular-flow diagram represents the transactions in an economy by flows around a circle. The primary difference between a

Competitive Markets and Elected Federal Leaders

In a recent speech, Professor Gregory Mankiw contends that our elected federal leaders should raise the gasoline tax. "Not quickly, but substantially. I would like to see Congress increase the gas tax by $1 per gallon, phased in gradually by 10 cents per year over the next decade. --- Please use the market analysis tool we have

Government welfare, unemployment programs

What's wrong with the following statement? If government would just eliminate its welfare programs, unemployment compensation programs, and other transfer spending programs, the only costs of unemployment would be the personal costs borne by the unemployed themselves.

Unemployment

What's wrong with the following statement? Unemployment is not a business problem, social problem, nor government problem, it's only an individual problem -- a problem for whoever is unemployed.

Cost of unemployment

What's wrong with the following statement? If government would just eliminate its welfare programs, unemployment compensation programs, and other transfer spending programs, the only costs of unemployment would be the personal costs borne by the unemployed themselves.

Macroeconomic Principles and Policy

Assuming the economy is already in a recession, and both the president and congress have decided to do something to restore the economy. Both agree that lowering taxes would not be a good idea, but do believe that it is in the best interest of the economy to increase government spending in defense, education and infrastructure.

Feedback Rule

If every time real GDP exceeds potential GDP, contractionary policy is used and whenever real GDP is less than potential GDP, expansionary policy is ised. GDP equal potential GDP and then aggregate demand increase. As a consequence of this policy action taken, what would the results be... Not sure if expansionary policy will

Economic Questions

1. Which of the following is the best example of two inputs that would exhibit a constant marginal rate of technical substitution? trucks and truck drivers natural gas and oil personal computers and clerical workers company employed computer programmers and temporary supplemental computer programmers

Unemployment Spikes

Why is there always spikes in unemployment in December/January and July. Is there something about these times of the year that cause these spikes?

Microeconomics

Suppose that you are the head of a government agency that oversees re-training programs for the unemployed. a) Discuss whether the service that your agency delivers is a public or private good. b) Will the private market of demand and supply for labor [as measured by the unemployment rate] lead to an efficient outcome? Why or wh

Adjustment of the equilibrium interest rate as it relates to the money supply.

We are studying the money supply and the equilibrium interest rate. I am confused by the problem (s) presented below and am not sure how to calculate or answer the question. Any and all help is appreciated, thank you! -Assume that the money market is initially in equilibrium and that the money supply is then increased. Ex

Supply and Demand

Suppose you are the manager of a California winery...How would you expect the following events to affect the price you will receive for a bottle of wine? a. price of comparable French wine decreases b. 100 new wineries open in California c. unemployment rate in the US decreases d. price of cheese increases e. due

Public and Private Goods

Suppose that you are the head of a government agency that oversees re-training programs for the unemployed. a) Discuss whether the service that your agency delivers is a public or private good. b) Will the private market of demand and supply for labor [as measured by the unemployment rate] lead to an efficient outcome? W

Business Cycle

How can fluctuations in the business cycle affect an organization? What is an example of how the US government has invested in human capital? How can that investment make an organization more productive?

Real Output

If the government increased its expenditures and reduced taxes, how would this policy affect the real output and the price level in the short run if the economy is: 1. experiencing 20% unemployment rate 2. experiencing mild recession 3. at the real output level