NOT: A the Unemployment Rate Is Calculated As: (Number of Unemployed

question 14

Short Answer

NOT: a. The unemployment rate is calculated as: (number of unemployed / labor force) x 100.
b. The labor force is calculated as: the total number of unemployed + the number of employed.
-You are given the following statistics about the economy:
Unemployment rate: 5.7%
Number of unemployed: 10 million
a.How many people are in the labor force?
b.How many people are employed?

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Definitions:

Perfectly Price Discriminates

A pricing strategy where a seller charges the maximum possible price for each unit consumed that the buyer is willing to pay, capturing the entire surplus.

Consumer Surplus

The variance between the aggregate amount consumers intend and have the means to pay for a good or service and the sum they actually pay.

Consumer Surplus

The gap between what consumers are prepared and able to spend on a product or service and the actual amount they end up paying.

Perfect Price Discriminator

A theoretical entity that charges each consumer the maximum price they would be willing to pay for a good or service.