The table shows the production function of Betty’s Pies:
September 3, 2020
Marginal revenue is: a) the added revenue that a firm takes in when it increases output by one additional unit. b) the difference between total…
September 3, 2020

Suppose there are 300 million able-bodied, working age adults in a society.

-12 million are actively looking for a job, but have no yet found one

-40 million are stay at home moms (dads) who are not looking for paid work outside the home

-20 million are discouraged workers

-50 million have part-time jobs, but would prefer full-time employment

-everyone else has a full-time job

a. What is the labor force participation rate?

b. what is the unemployment rate?

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