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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