Class Notes (835,600)
United States (324,192)
Economics (275)
ECON 305 (10)
Dr.Neri (9)
Lecture

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Department
Economics
Course
ECON 305
Professor
Dr.Neri
Semester
Spring

Description
Macro 2-4 For Problem Sets, also look at previous notes Unemployed- not employed but looking for a job Labor force- amount of labor available for producing goods and services (U + employed) Not in the labor force- not employed, not looking for work Labor force participation rate, % of adult pop that is in labor force Involuntary part-time workers- individuals who would like a full-time hob but are working part time Chapter 3- the long run model\ Also need to look at Eq in goods and loanable funds market Factors of production K= capital (tools, machines, structures used in production) L= Labor Y= F(K,L) Initially Y 1 F (K , 1 1 K 2 zK an1 L = zL 2 1 Returns to scale- scale all inputs by same factor z (if z=1.2 all inputs are increased by 20%) If constant returns to scale Y =2zY dec1easing
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