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MGEA06H3 Final: Equations that can be used on the exam.

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lavenderdonkey6
30 Nov 2010
School
UTSC
Department
Economics for Management Studies
Course
MGEA06H3
Professor
Iris Au

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MGEA06H3 Full Course Notes
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MGEA06H3 Full Course Notes
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Labour force = number of employed + number of unemployed. N unemployment rate = number of unemployed labour force 100% Employment rate = number of employed adult population 100% Labour-force participation rate = labour force adult population 100% Prices risen = (period-1 bundle in period 2 period-1 bundle in period 1) period-1 bundle in period 1 100% Prices risen = (period-2 bundle in period 2 period-2 bundle in period 1) period-2 bundle in period 1 100% Cpi2 = (p2 b1) (p1 b1) 100: % change in prices = (cpi2 cpi1) cpi1 100% Gdpd2 = (p2 b2) (p1 b2) 100% Income = factor incomes + non-factor payments: % change in prices = (gdpd2 gdpd1) gdpd1 100% N rule of 72: 72 / x% = number of years needed for a number to double. N gdp from the expenditure approach = c + i + g + nx. N value added = output of every firm in canada intermediates purchased by firm.

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Related Questions

5. Using the concept of the inter-temporal model, explain what will happen in the following situations (ie. will consumption shift from period 1 to period 2 or from period 2 to period 1).

a. The discount rate in the second period drops (from, example, 10 to 5%)

b. There is a decrease in the population in the second period.

c. The MC will be lower in the 2nd period than it is in the 1st period.

d. More of the limited resource is discovered in period 2.

e. What is inter-temporal fairness?

Suppose that on average, unemployed workers find jobs at the rate of 30% per period and employed workers loose jobs into unemployment at a rate of 2% per period. Assume the size of the labor force is forever fixed.

1. Beginning with an unemployment rate of 5% this period, what will be the unemployment rate next period.

2. What is the steady state unemployment rate?

Figure: The Supply of DVD Rentals Rental price Rental price $2 of of DVDs DVDs ..... 0 Quantity (per period) 0 Quantity (per period) C Rental Rental price price of DVDs DVDs O Quantity (per period) 0 Quantity (per period) 10. (Figure: The Supply of DVD Rentals) Look at the figure The Supply of DVD Rentals. A decrease in the price of DVDs sold by movie producers to rental stores would result in a change illustrated by the move from: A) n to o in panel A. Bp to q in panel B. C sto tin panel C. D) u to v in panel D.