Labor performance and product price

Reference no: EM1311351

"A substantial number of relatively unskilled persons reported that they cannot find work. At the same time, there are many unfilled jobs for relatively skilled people. Apparently, the problem is that there are more unskilled people than unskilled jobs." What is wrong with the reasoning?
Briefly analyze the following:

(a) The price of cheese falls relative to the price of milk. What is implied about the rate of interest? Why?

(b) Usually there are cheaper prices for matinee performances than evening performances. Why?

(c) "Allowing the price of goods to rise in period when none of the good is being produced is immoral, because the higher prices do not induce a larger output. They merely give unwarranted profits to those who are lucky enough to own the goods. Either prices should be prevented from rising, or the government should take over ownership in order to prevent unjust enrichment." Evaluate this statement using economic analysis. (d) Give the definition of interest rates.

Reference no: EM1311351

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