Real Wage (W/P) 9.50 9.00 8.50 8.00 7.50 7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 91,000 005 16 92,000 92,500 000'ES 005 E6 000'96 94,500 95,000 95,500 96,000 96,500 97,000 97.500 98,000 naturally unemployed and frictional unemployed. 98,500 99,000 99,500 100,000 100,500 Labor (L) 000'101 Moreover, the real GDP in this country equals 101,500 102,000 102,500 103,000 00S'EOT Consider the file named HW2-Labor Market Graph (also presented above). This graph shows the labor market conditions in a hypothetical country. The natural rate of unemployment in this country is 5 percent. In other words, even during normal times 5 percent of the labor force is unemployed. The natural unemployment is solely due to labor market frictions. The potential GDP in this country equals Yp = 100,000. Okun's alpha equals 2. Currently, the nominal wage rate is W = 500 and the price level is P = 100. As a result, currently 5000.00 104,000 104,500 105,000 persons are persons are cyclically units.

Real Wage (W/P) 9.50 9.00 8.50 8.00 7.50 7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 91,000 005 16 92,000 92,500 000'ES 005 E6 000'96 94,500 95,000 95,500 96,000 96,500 97,000 97.500 98,000 naturally unemployed and frictional unemployed. 98,500 99,000 99,500 100,000 100,500 Labor (L) 000'101 Moreover, the real GDP in this country equals 101,500 102,000 102,500 103,000 00S'EOT Consider the file named HW2-Labor Market Graph (also presented above). This graph shows the labor market conditions in a hypothetical country. The natural rate of unemployment in this country is 5 percent. In other words, even during normal times 5 percent of the labor force is unemployed. The natural unemployment is solely due to labor market frictions. The potential GDP in this country equals Yp = 100,000. Okun's alpha equals 2. Currently, the nominal wage rate is W = 500 and the price level is P = 100. As a result, currently 5000.00 104,000 104,500 105,000 persons are persons are cyclically units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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