Business, 24.03.2020 03:26 Csoard2004

The economy enters a recession. Employment falls by 4%, and the number of hours per week worked by each employed worker falls by 2.5%. In addition, 0.2% of the labor force becomes discouraged at the prospect of finding a job and leaves the labor force. Finally, suppose that whenever total hours fall by 1%, total output falls by 1.4%.
During the recession, what is the size of the laborforce? How many workers are unemployed and what is the unemploymentrate?What is the total output per week in the economy? What is thelaborproductivity per hour? What is the labor productivity perworker ina week?

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The economy enters a recession. Employment falls by 4%, and the number of hours per week worked by e...

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