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Let y be the percent increase in annual US national production during a year when the unemployment rate changes by u percent. (For example, u=2 if unemployment increases from 4% to 6%.) Okun's law states that

y=3.5-2u.
 
 
(a) What is the meaning of the number 3.5 in Okun's law?
 
(b) What is the effect on national production of a year when unemployment rises from 4% to 8%?

(c) What change in the unemployment rate corresponds to a year when production is the same as the year before?

Enter the exact answer as a positive value.
 
(d) What is the meaning of the coefficient -2 in Okun's law?
 
 
 
 
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