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Thread: Please help, I'm new to Microeconomics and can't get past this problem

  1. #1
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    Please help, I'm new to Microeconomics and can't get past this problem

    Consider the following data for the nation of inflatuenza
    2001 Working Afe Population 18.10 Million
    2001 Consumer Price Index (1996=100) 137.4
    2001 Employed 10.06 Million
    2000 Consumer Price Index (1996=100) 121.8
    2001 Participation Rate 60.27%


    a. Compute the 2001 Labour Force for Inflatuenza


    b. Compute the 2001 Unemployment Rate for Inflatuenza


    c. Compute the 2001 Inflation Rate for Inflatuenza




    I'm tearing my hair out trying to figure this out, anybody can help? I'm very new to macroeconomics
    Attached Thumbnails Attached Thumbnails Please help, I'm new to Microeconomics and can't get past this problem-img_1541.jpg  
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  2. #2
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    Re: Please help, I'm new to Microeconomics and can't get past this problem

    Hey BladesM.

    Hint - Try coming up with a definition mathematically before answering this.

    The labour force usually has the number of people employed [but depending on the definition it may include more or less].
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  3. #3
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    Re: Please help, I'm new to Microeconomics and can't get past this problem

    In other words, if you want help you had better include definitions for "Labour Force", "Unemployment Rate", and "Inflation Rate".

    This is, after all, a mathematics help forum and those are not mathematical tems!
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  4. #4
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    Re: Please help, I'm new to Microeconomics and can't get past this problem

    Agh sorry I should have provided more!

    Labour Force: the total number of adults age 15 years or older who either have a job or are looking and available for a job; the number of employee plus the number of unemployed. To get this it's labour force=employee+unemployed
    Unemployment Rate: the percentage of people that are unemployed. To get this value it's number of unemployed/the labour force X 100
    Inflation rate: calculated by taking the current year price index(2001)-previous year price index(2000)/previous year price index(2000) X 100
    Working Age Population: the number of people 15 years of age and older

    The last one I was able to get but not a and b. If there's any more information you need I'll provide it. It's just ticking me off that I can't get this, it seems so easy and it's most likely something small I'm missing

    Inflation rate:
    Last edited by BladesM; May 4th 2017 at 07:52 AM.
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