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- Oscar and Gwen live in Portland. Oscar’s net present value of lifetime earnings in Portland is $135,000, while Gwen’s is $450,000. The cost of moving to Memphis is $25,000 per person. In Memphis, Oscar’s net present value of lifetime earnings would be $145,000, while Gwen’s would be $520,000. If Oscar and Gwen choose where to live based on their joint well-being, will they move to Memphis? Is Oscar a tied-mover or a tied-stayer or neither? Is Gwen a tied-mover or a tied-stayer or neither?Suppose a worker’s skill is captured by his efficiency units of labor. The distribution of efficiency units in the population is such that worker 1 has one efficiency unit, worker 2 has two efficiency units, and so on. There are 100 workers in the population. In deciding whether to migrate to the United States, these workers compare their weekly earnings at home ( w0) with their potential earnings in the United States (w1).The wage-skills relationship in each of the two countries is given byw0 = 700 + 0.5sandw1 = 670 + swhere s is the number of efficiency units the worker possesses.a. Assume there are no migration costs. What is the average number of efficiency units among immigrants? Is the immigrant flow positively or negatively selected?b. Suppose it costs $10 to migrate to the United States. What is the average number of efficiency units among immigrants? Is the immigrant flow positively or negatively selected?hy does a measure of labor productivity—the output produced per worker– rise for many firms during recessions? During the boom years period of 2005through November 2007, the annual average output per worker was lower in U.S.manufacturing than during the Great Recession of 2007–2009 as well during therelatively low-demand years since then through 2013.Firms produce less output during recessions as demand for their products falls.Consequently, firms typically lay off workers during recessions. Thus, whetheroutput per worker rises or falls depends on whether output or employment fallsby more. The labor productivity pattern over the business cycle differs across in-dustries. If we know about a firm’s production process, can we predict whetheroutput produced per worker will rise or fall with each additional layoff?
- Hospitality Hotels forecasts monthly labor needs.(a) Given the following monthly labor fi gures, make a forecastfor June using a three-period moving average and a fi veperiod moving average. Month Actual ValuesJanuary 32February 41March 38April 39May 43 (b) What would be the forecast for June using the naïvemethod?(c) If the actual labor fi gure for June turns out to be 41, whatwould be the forecast for July using each of these models?(d) Compare the accuracy of these models using the meanabsolute deviation (MAD).(e) Compare the accuracy of these models using the meansquared error (MSE).Suppose the working-age population is 50 million, the labour force is 20... Suppose the working-age population is 50 million, the labour force is 20 million, and the unemployment rate is 15 per cent. The number of unemployed people is a. 4.5 million. O b. 7.5 million. O C. 10.5 million. O d. 1.5 million. O e. 3 million.Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…
- Let a firm's production function Q (L)=12L^2-1/20L^3 (i.e. output as TL orthe amount of production depends on the workforce, L, as Q is the number of people with a single production input). This functionlet be the foreground 0 ≤ L ≤ 200 for. Accordingly,A) What is the number of labour force (L*) that will make output (Q) the highest?B) what is the number of workers (L**) who will make the maximum amount of output per employee(i.e. Q (L)/L)?c) in both cases the output of the L* and L** values you find and the output per employee at the mosthow can you be sure it's high? Show me.Increases in the amount of human capital in theeconomy tend to _________ real incomes becausethey increase the _________ of labor.a. increase; bargaining powerb. increase; productivityc. decrease; bargaining powerd. decrease; productivityIf TP or Q for the fifth worker is 83, and TP or Q for the sixth worker is 97, MP for the sixth worker is O 14. O.071. O-14. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Which of the following statements is true? According to Okun's law: Select one or more: O a. unemployment is illegal. O b. more unemployment causes more inflation. O c. the unemployment rate is correlated with the growth rate of GDP. O d. higher growth of gross domestic product tends to cause more unemployment. O e. the higher the growth rate of the Gross Domestic Product, the lower the growth rate of unmeployment, other things being equal.a. Based on only the first-order condition with respect to labor computed in part a (Based on the given Lagrangian, compute the representative consumer's first-order conditions with respect to consumption and with respect to labor). Qualitatively sketch two things in a diagram with the real wage on the vertical axis and labor on the horizontal axis. First, the general shape of the relation ship between w and n (perfectly vertical, perfectly horizontal, upward-sloping, downward-sloping, or impossible to tell). Second, how changes in / affect the relationship (shift it outward, shift it in inward, or impossible to determine). Briefly describe the economics of how you obtained your conclusions. (Note: In this question you are not to use the first-order condition with respect to consump tion nor any other conditions.) b. Now based on both of the two first-order conditions computed in part a, construct the consumption-leisure optimality condition. Clearly present the important steps and…Q. 1. For this question, assume that Y = N. Based on our understanding of the labour market model presented in Chapter 6, we know that a reduction in the markup will cause: Select one : O. a. no change in the natural level of output. O. b. no change in the natural level of employment. O.c.an increase in the natural level of output. O.d. a reduction in the natural level of output. O. E. reduction in the natural level of employment Q. 2 Assume that investment does NOT depend A reduction in government spending will cause which of the following for this economy? Select one: O.a. an increase in investment Ob. a decrease in investment O.c. No change in the interest rate. O.d. No change in output. O.e No change in investment Q. 3 Based on our understanding of the labour market model presented in Chapter 6, we know that a reduction in the markup will cause: Select one: O. a. an increase in the equibrium real wage O. b. a reduction in the equilibrium real wage. O. c. a…
