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The Bureau of Labor Statistics reported that in 2004 the total labor force was 147,401 thousand of a possible 223,357 thousand working-age adults. The total number of unemployed was 8,149 thousand. From this information, calculate the following:
a. Labor Force Participation Rate
Instructions: Round your answer to 1 decimal place.
b. Unemployment Rate
c. Employment-population ratio
According to studies undertaken by the Department of Agriculture, the price elasticity of demand for cigarettes is approximately -0.3 and the income elasticity is approximately 0.5.
Suppose that a producer raises the price of a good from $8 to $15, and the quantity sold drops from 250 to 40 units. Is the demand for the good is elastic or inelastic?
A consumer has income of $500. chips costs $2 , and burger costs $6. Draw his budget constraint (put burger on the horizontal axis). What is the slope of her budget constraint? Draw Consumer’s indifference curves for chips and burger if you love chip..
Suppose for a moment that someone with legislative power decides to abolish Fractional Reserve Banking and passes a law that forces banks to only lend the money they own, that is M0. What would be the economy-wise implications of such a change in the..
Two physical therapy firms want to merge. The price elasticity of demand for physical therapy is -0.40. Firm A has a volume of 10,400, fixed costs of $50,000, marginal costs of $20, and a market share of 8%. Firm B has a volume of 15,600, fixed costs..
How might you construct a measure of the change in the price level. Illustrate what additional information might you need to construct your measure.
Firms in industrial countries find a larger market for their goods in other industrial countries than in developing countries because:
An asset is purchased for $745,000 today. It will have a $76,000 salvage value after 5 years of use. Using the straight-line (SLN) method, calculate the depreciation charge for year 2 and the book value at the end of year 2.
Irwin is a monopoly seller of specialty bearings. Consider the graph below, which illustrates the demand and marginal revenue curves for Irwin's 30-weight ball bearings, along with the marginal and average total costs of producing bearings:
Other things equal, increasing home prices tend to:
If a monopolist is producing a level of output at which demand is inelastic, the firm is not maximizing profits, and increasing output will decrease total revenue.
Calculate the percentage rates of increase in real GDP, consumption of durables, consumption of nondurables, and consumption of services, and plot these. What do you notice in these plots compared to the information in Figure 3.9 and 3.10.
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