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3.3 A worker is paid a nominal wage of $20/hour in 2008 which increased to $25/hour in 2009. Inflation increased 4% between 2008 and 2009. If 2008 is considered the base year, normalize the base year price as 100, and using the price deflator, calculate the worker's real wage in 2009 (in 2008 dollars). (a) $24,04 (b) $25 (c) $23,28 (d) 20 3.2 Given the following data, calculate the labour force participation rate Population 50 million Number of Unemployed 5 million Labour Force 20 million (a) 10% (b) 60% (c) 40% (d) 50% 3.3 A worker is paid a nominal wage of $20/hour in 2008 which increased to $25/hour in 2009. Inflation increased 4% between 2008 and 2009. If 2008 is considered the base year, normalize the base year price as 100, and using the price deflator, calculate the worker's real wage in 2009 (in 2008 dollars). (a) $24,04 (b) $25 (c) $23,28 (d) 20 3.4 Assume that an individual's utility level(U) is a function of two goods: real income (Y) and leisure time (L) as in the simple neoclassical model of labor supply and is given by the function: U=3YL 1/. The marginal utility of leisure is given by which of the following? (a) YL-1/3 (b) YL. 2/3 (c) YL1/3 (d) YL3/3 3.5 Given the following information, at what point does a profit maximizing monopsonist stop hiring additional workers? Number of workers Value of Marginal Marginal Revenue Marginal Cost Product of Labour Product of Labour 1 25 25 20 35 35 30 W N 40 42 45 50 50 (a) When the number of worker is 1 (b) When the number of worker is 2 (c) When the number of worker is 3 (d) When the number of worker is 4