ECON1002 经济管理分析

ECON1002
Introductory Macroeconomics, Semester 2, 2022

Tutorial Tasks

Key Concepts: Labour demand; labour supply; the labour market, unemployment,Business Cycle, Output Gap, Natural rate.

REVIEW OF CONCEPTUAL UNDERSTANDING

These are to be attempted before the tutorial. They will not normally be covered inthe tutorial, maybe, except for a quick review, time permitting. The answers aretypically found in the textbook and lecture notes.

1. How is the unemployment rate measured?
2. What are the distinguishing features of the different types of unemploymentrecognised by economists?
3. What are the arguments, for and against, the payment of generous
   unemployment benefits?
4. What is the role of productivity? How does it relate to employment and GDP?
5. How is the participation rate related to (un)employment?
6. What is a classical recession? How is this different from a growth recession?
7. What is the natural rate of unemployment?

PRACTICE PROBLEMS (FOR IN-CLASS DISCUSSION)

STUDENTS SHOULD BE PREPARED TO PRESENT ANSWERS TO THE PROBLEMS WITH AN ASTERISK ().N.B. THERE ARE 3 PROBLEMS WITH THIS WEEK. ANY TWO PROBLEMS WITH * CAN BE CHOSEN FORSTUDENTS TEAM BASED PRESENTATION.

1. Production data for Bob’s Bicycle Factory are as follows.
   Number of Workers Bikes assembles/day
2. 10
3. 18
4. 24
5. 28
6. 30

Other than wages, Bob has costs of $100 (for parts and so on) for each bikeassembled.
a. Bikes sell for $130 each. Find the marginal product and the value of marginalproduct for each worker (don’t forget about Bob’s cost of parts)
b. Make a table showing Bob’s demand curve for labour.
c. Repeat part (b) for the case in which bikes sell for $140 each.
d. Repeat part (b) for the case in which worker productivity increases by 50percent. Bikes sell for $130 each.TUTORIAL 4(Week beginning August 22)ECON1002 IntroductoryMacroeconomics, Semester 2, 2022Tutorial Tasks

2. For each of the following scenarios, state whether the unemployment is frictional,structural, or cyclical. Justify your answer.
   a. Ted lost his job when the steel mill closed down. He lacks the skills to work in
   another industry and so has been unemployed over a year.
   b. Alice was laid off from her job at the auto plant because the recession reducedthe demand for cars. She expects to get her job back when the economy picksup.
   c. Lance is an unskilled worker who works for local moving companies duringtheir busy seasons. The rest of the year he is unemployed.
   d. Tao looked for a job for six weeks after finishing college. He turned down acouple of offers because they didn’t let him use the skills he had acquired inuniversity, but now he has a job in the area that he trained for.
   e. Karen, a software engineer, lost her job when the start-up companyshe wasworking for went bankrupt. She interviewed at five companies beforeaccepting a new job in another firm in the same industry.

*3.a. Find employment and the real wage in labour market equilibrium.
b. Suppose the minimum wage is $50 per day. Find employment and
unemployment. Is anyone made better off by the minimum wage? Worse off?In answering the last part of the question, consider not only workers butemployers and other people in the society, such as consumers and taxpayers.
c. Repeat part (b), but now assume that a union contract requires that workers bepaid $60 per day.
d. Repeat part (b), assuming that the minimum wage is $50 per day. However,assume that the cost of complying with government regulations on workplacesafety reduces labour demand to ND = 360 ? 2W.

*4. From the homepage of the Reserve Bank of Australia (www.rba.gov.au), clickthe link: http://www.rba.gov.au/statistics/tables/index.html. Scroll down and
you will see ‘Output and Labour’ and then ‘Gross Domestic Product and Income –H1’. Download the Excel file. You will see ‘Real GDP’ in the second column.
a. Calculate quarterly percentage changes in Real GDP over the period Mar-2007to Dec-2009 capturing the global financial crisis (GFC).
b. Was there a recession in Australia during this period? Why or why not?
c. Repeat this for the period Dec-1989 to Dec-1993. Was there a recessionduring the period? How long was the period of contraction?
d. How many classical recessions did Australia have since 1959?
ECON1002 Introductory Macroeconomics, Semester 2, 2022Tutorial Tasks
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e. Evaluate the claim “A classical recession is necessarily a growth recession butthe converse is not true”.
*5. In each part that follows, use the economic data given to find national saving, privatesaving, public saving and the national saving rate.

(a)
Household saving = 200Business saving = 400Government purchases of goods and services = 220Government transfers and interest payments = 125Tax collections = 225GDP = 2800

(b)
GDP = 6300Tax collections = 1725Government transfers and interest payments = 400Consumption expenditures = 4550Government budget surplus = 100

(c)
Consumption expenditures = 4600Investment = 1000
Government purchases = 1000Net exports = 12Tax collections = 1650Government transfers and interest payments = 500
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