Whiteboard Tutorial 1 Notes | University of Alberta - Edubirdie

University:
University of Alberta
Course:
ECON 102 | Introduction to Macroeconomics
Academic year:

2024
Views:

388

Pages:

3
Author:

Ciara T.

Whiteboard tutI 1.) a.) emp+ unemp * ISmillion b.) emp rate = (emp / labour force) * 100 = 10 mil # 15 mip) * 100 • 66,67•1. c.) strictunemp rate *(unemp : 1a bour force) × 100 *(5 mil : 15mil) × 100 = 33,33:/. d.) expanded unemp rate • (unemp + discouraged) = (labour force + discouraged) = (Smil + 3 mil) = (15mil + 3 mil) *100 = 44,44.%. 2.) a.) unit cost • (R20 ÷ 2) • RIO b.) M = (P -MC) / P 0,2 = (P - 10) / P 0,2 P = P - 10 0,2 P-P = - 10 P (0,2 - 1) = - 10 P = R12,50 c.) real wage = W/p = 20/12,50 = R1,6 | hour When the unemployment rate in a country decreases, the employee's reservation wage becomes higher which means that they will not put in mucheffort unless the wage is nigh. Therefore, the firm's profit-maximising wage is higher.

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