Asked by boby
Can you please help me solve the first problem of Working with the Data in Chapter 4 (page 136 #1) of Macroeconomics Fifth Edition by Stephen D. Williamson? I need all the steps of how to solve the problem
1. The employment-population ratio, from the Current Population Survey, is a measure that might correspond to the concept of employment, N, in our model.
(a) Plot the employment-population ratio for the years 1980-2012.
(b) Given that the real wage in the United States was increasing from 1980 to 2012, comment on what you observe on your plot.
(c) How would you tell a story about the income and substitution effects in labor supply decisions that would be consistent with the data?
1. The employment-population ratio, from the Current Population Survey, is a measure that might correspond to the concept of employment, N, in our model.
(a) Plot the employment-population ratio for the years 1980-2012.
(b) Given that the real wage in the United States was increasing from 1980 to 2012, comment on what you observe on your plot.
(c) How would you tell a story about the income and substitution effects in labor supply decisions that would be consistent with the data?
Answers
There are no human answers yet.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.