Suppose that, initially, the Pennsylvania economy is in equilibrium with no unemployment: L S = 1,000,000 +

Question:

Suppose that, initially, the Pennsylvania economy is in equilibrium with no unemployment:

L_S = 1,000,000 + 200W and L_D =

19,000,000 - 300W, where W = the annual wages and L = the number of workers.

Then, structural unemployment arises because the demand for labor falls in Pennsylvania, but wages there are inflexible downward and no one moves out of state. If labor demand falls to L_D =

18,000,000 - 300W, how many workers will be unemployed in Pennsylvania?

What will be its unemployment rate?

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Modern Labor Economics Theory And Public Policy

ISBN: 9780132540643

11th Edition

Authors: Ronald Ehrenberg, Robert Smith

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Question Posted: Feb 10, 2024 07:00 AM

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Suppose that, initially, the Pennsylvania economy is in equilibrium with no unemployment: L S = 1,000,000 +

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heres how to find the number of unemployed workers and the unemployment rate in Pennsylvania 1 Find ...View the full answer

Modern Labor Economics Theory And Public Policy

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