Calculate how many workers are unemployed

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Reference no: EM13244550

Consider an economy that initially has a labor force of 2000 workers. Of these workers, 1900 are employed and each works 40 hours per week. Ten units of output are produced by each hour of labor.

The economy enters a recession. Employment falls by 4% and thenumber of hours per week worked by each employed worker falls by 2.5%. In
addition 0.2% of the labor force becomes discouraged at theprospect of finding a job and leaves the labor force. Finally, suppose that whenever total hours fall by 1%, total output falls by 1.4%. 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 labor productivity per hour?What is the labor productivity per worker in a week?

Reference no: EM13244550

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