Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Economy Macro questions 1. An economy has a working-age population of 107, employment of 82, and unemployment of 5. What is the Labor Force Participation

Economy Macro questions

1. An economy has a working-age population of 107, employment of 82, and unemployment of 5. What is the Labor Force Participation Rate for this economy? Express your answer as a percentage.

2. Suppose that an economy has the production function given byY=AKH, where A = 3, K = 100. What is the marginal product of labor from H = 25 to H = 36?

3. You are producing and selling pizza. Currently, the price of a pizza is $10. With 5 workers you can produce 50 pizzas, and with 6 workers you can produce 62 pizzas. What is the maximum wage you would be willing to pay to hire the 6th worker?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Rural Development And Urban-Bound Migration In Mexico

Authors: Arthur Silvers, Pierre Crosson

1st Edition

1317270681, 9781317270683

More Books

Students also viewed these Economics questions

Question

8. What values do you want others to associate you with?

Answered: 1 week ago