Homework Answers
(Question 1)
(a)
Labor force = working full time + working part time + looking for job
= 40 + 20 + 10
= 70
(b)
Unemployment rate = looking for job / labor force
= (10/70) x 100%
= 14.29%
(Question 2)
(a)
Labor demand will shift leftward by $4 at every employment level, intersecting labor supply at point F.
(b)
Initially, equilibrium was at point E with wage rate 10 and employment of 5. After tax, equilibrium is at point F with wage rate 8 and employment of 4.
Decrease in wage rate = 10 - 8 = $2
Decrease in employment = 5 - 4 = 1
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