4) You are an employee of the Bureau of Labor Statistics involved in the monthly survey...

 

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4) You are an employee of the Bureau of Labor Statistics involved in the monthly survey of households used to estimate the unemployment rate. In each of the following cases, classify the individual as frictionally, structurally or cyclically unemployed. Explain your classification a) There has been a general economic slowdown. Because of weak demand, Ned has lost his postering job at the docks. b) Phil is an auto worker in Ohio who loses his job because the company relocated the plant in another country. c) Anna, economics professor quits her job at a university and starts looking for a better job in another university. 5) The population of the nation of Betanian is 4.000.000, of which 2.000.000 are age 16 or older. Of this 2.000.000, 1.450.000 have jobs and 550.000 do not. There are 450.000 unemployed but actively seeking jobs, and there are 100.000 who have given up the job search in frustration. Answer parts (a) through (e) using the information given above. a) The number of unemployed workers is: b) The number of discouraged workers is: c) Calculate the number of workers in the labor force. d) Calculate the unemployment rate: e) Calculate the labor force participation rate. 6) (Chapter 3-Problem 2) Consider the following production function: Y=F(K, L)-AK04110 a. Calculate the marginal product of labor. b. Does this production function exhibit diminishing marginal product of labor? 4) You are an employee of the Bureau of Labor Statistics involved in the monthly survey of households used to estimate the unemployment rate. In each of the following cases, classify the individual as frictionally, structurally or cyclically unemployed. Explain your classification a) There has been a general economic slowdown. Because of weak demand, Ned has lost his postering job at the docks. b) Phil is an auto worker in Ohio who loses his job because the company relocated the plant in another country. c) Anna, economics professor quits her job at a university and starts looking for a better job in another university. 5) The population of the nation of Betanian is 4.000.000, of which 2.000.000 are age 16 or older. Of this 2.000.000, 1.450.000 have jobs and 550.000 do not. There are 450.000 unemployed but actively seeking jobs, and there are 100.000 who have given up the job search in frustration. Answer parts (a) through (e) using the information given above. a) The number of unemployed workers is: b) The number of discouraged workers is: c) Calculate the number of workers in the labor force. d) Calculate the unemployment rate: e) Calculate the labor force participation rate. 6) (Chapter 3-Problem 2) Consider the following production function: Y=F(K, L)-AK04110 a. Calculate the marginal product of labor. b. Does this production function exhibit diminishing marginal product of labor?

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4 a Ned lost his job because of a general economic slowdown and weak demand This is an example of cy... View the full answer