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ECON 330D1 (20)
Lecture 3

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McGill University
Economics (Arts)
ECON 330D1
Daniel Barczyk

TA: Byunguk Kang Office Hours: M 1:30-3:30 [email protected] MIDTERM OCT 18 In Class Core Inflation relies on a basket of goods and services that excludes food and energy products Producer Price Index- measures the price of a typical basket of a typical basket of goods brought by firms CPI vs. GDP deflator  Fixed Basket vs All goods  The GDP deflator includes only good produced domestically  The GDP deflator allows the basket of goods to change Laspegres index: A price index with a fixed basket of goods Paasche index…. With changing basket Labor force: sum of employed and unemployed Unemployed rate : number of unemployed/ Labor Force Labor force participation rate: Labor Force/ Adult Participation Some numbers Canadian Labor force participation rate is 67 % of all the adults work in canada (72% are males) and (62 % are females) Questions: 1. What determines how much firms produce in the economy? 2. Who gets the income from production Output Y depends on 1. Quantity of inputs (factors of production) 2. Ability of the economy to turn inputs into output (production function) Factors of production Definition Inputs used to produce goods and services 1. Capit
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