Question
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?
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