Chrome File Edit View History Bookmarks Profiles Tab Window Help Mon 7:45 pm Q DE ... 02L BEA111Assignment2_Macroeco x Q . Search Sheet 5 BEA111Assignment2_Macroeco x *Homework Help - Q&A from Or x + "+ Share ~ C @ File | /Users/macbook/Downloads/BEA111Assignment2_Macroeconomics.pdf GO#IO 1401 AutoSum Fill BEA111Assignment2_Macroeconomics.pdf 6 / 10 100% + Delete Format Sort & Clear Filter Check for Updates Question 2 - (Total: 30 Marks) Q R S T U V a. The table below provides the March 2023 and 2024 seasonally adjusted labour market data for Australia and Tasmania, but some information is missing. Australia (000s) Tasmania (000s) March 2023 March 2024 March 2023 March 2024 Population 21657.1 478.7 Labour Force 14435.5 293.8 Not in the La 7375.0 173.1 186.0 Employed 13943.8 14259.9 282. Unemployed 569.9 13.0 Labour Participation rate Unemployment rate Employment to Population ratio Source: ABS (2024), Labour Force, Australia- March 2024, Table 1. and Table 9. (i) Complete the table by filling in the missing figures. (ii) Why might Tasmania's participation rate be lower than Australia's? iii) Explain how the unemployment rate rose in Australia from March 2023 to March 2024 while the employment-to-population ratio also increased. (iv) Explain how the unemployment rate fell in Tasmania from March 2023 to March 2024, even though the number of employed people fell. (Total Marks: 15) b. Read the article Youth Unemployment in Tasmania's north. What type of unemployment is George Town facing, and what are the economic and social costs of such unemployment in the short and long run? (Total Marks: 10) + 106% + 100% MAY 13 X w WSJ A EO@ Chrome File Edit View History Bookmarks Profiles Tab Window Help =R A Mon7:45pm Q. @ Q~ Search Sheet ' &F Share A 2 e0e BEA111Assignment2_Macroec: X @ BEATAssignment2_Macroec: X H Homework Help - Q&A from O X | -+ v c @ File\\ [Users/macbook/Downloads/BEA111Assignment2_Macroeconomics.pdf tutoSum &/ Fill v Delets Fi it - Sart & 6 /10 100% + | @ el T @omarr e Check for Updates Source: ABS (2024), Labour Force, Australia- March 2024, Table 1. and Table 9. ' Complete the table by filling in the missing figures. R s T u v Why might Tasmania's participation rate be lower than Australia's? Explain how the unemployment rate rose in Australia from March 2023 to March 2024 while the employment-to-population ratio also increased. {iv) Explain how the unemployment rate fell in Tasmania from March 2023 to March 2024, even though the number of employed people fell. (Total Marks: 15) Read the article Youth Unemployment in Tasmania's north. What type of unemployment is George Town facing, and what are the economic and social costs of such unemployment in the short and long run? (Total Marks: 10) As an economic consultant, you find it challenging te monitor your workers, and thus, you prepare a report in which you recommend to the firm's leadership team that the firm should raise employees' wages. One manager, however, makes the following argument: '| think the wages we are paying are fine. As long as enough people are willing to work here at the wages we are currently paying, why should we raise them?' What argument can you put forward to justify that the firm should increase its wages? Under which economic condition (boom or sluggish) do you reckon you have a strong case, and why? (Total Marks: 5)