Question
Go to theSt. Louis Fed FRED (Federal Reserve Economic Data) websiteand search for unemployment. You can also find unemployment data (and many other data series)
Go to theSt. Louis Fed FRED (Federal Reserve Economic Data) websiteand search for "unemployment". You can also find unemployment data (and many other data series) by clicking on "Categories", then "Population, Employment & labor Markets" and then "Current Population Survey (Household Survey). Finally, click on "Unemployment Rate". For either method, select the "Civilian Unemployment Rate" and you should see a graph of the U3 unemployment rate.
Given the data that you found, what business decisions might Scentsy, the wax burning company,make? How would their hiring decisions be affected? What quality of employees might they be able to obtain, and how much would they have to pay their new employees to attract willing employees?
Might Scentsy need to adjust the price of their output? Should they increase or decrease their output, or should they maintain the same level of production? Why? Are there other changes to the business environment that could affect your firm's decisions or profitability (perhaps relating to other competing businesses or suppliers to the market in which your firm produces)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started