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1.Consider a hypothetical economy in which the total number employed is N=20210 and the current unemployment rate is 6%. Also, suppose the job finding rate in this economy is f=0.38 and the job separation rate is s=0.02.
1. How many people are unemployed in this economy?
2. What is the natural rate of unemployment?
3. how many people are frictionally and structurally unemployed
4. how many people lost their job in the current period
5. how many people found a job in the current period
2.what happens to the natural rate of unemployment in response to the following events? Explain
1. the government cuts unemployment benefits
2. the number of teenagers participating in the labor market increases by 20%
3.The following table describes the market for waffles in Pawnee, Indiana. Price Quantity Demanded Quantity Supplied 0 $0 150 $2 130 40 $4 110 80 $6 90 120 Use the information in the table to answer the questions below. Please enter your answers as numbers and not words. For price please enter your answer as a whole number (ie. 8 not "Eight" or "Eight dollars"). For quantity please enter your answer as a whole number as well (ie. 60 not "Sixty" or "Sixty waffles"). What is the equilibrium price for waffles in this market? What is the equilibrium quantity for waffles in this market?
Thinking about the market for waffles from the previous question, describe what would happen to the equilibrium price and quantity for waffles if the following events occur. Treat each event as a separate occurrence. In other words these events are not happening at the same time. For each question simply write "up" or "down" in the answer box. Any response other than "up" or "down" will result in an incorrect answer. Event 1: There is a shortage of maple syrup causing the price to rise significantly Will the equilibrium price of waffles go up or down in response to an increase in the price of maple syrup? Will the equilibrium quantity of waffles go up or down in response to an increase in the price of maple syrup? Event 2: A study reveals that people who eat waffles at least once a week live longer and have fewer health problems. Will the equilibrium price of waffles go up or down after this study is released? Will the equilibrium quantity of waffles go up or down after this study is released?
4.Give 5 examples of how our sensory system can be used as a stimulus for marketing and advertising
2. How Reference Group influence the members?
3. Define and briefly explain the four factors that influence consumer’s buying behavior
4. Why do you think it’s important to understand consumers their wants, needs and, especially the reasons behind understanding consumer behavior?
Expert Solution
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2.Natural rate of unemployment is the minimum rate of unemployment resulting from structural problems in the economy.
It is the minimum rate of unemployment where the inflation is stable i.e. non accelerating inflation rate of unemployment.
I means that these unemployed labourers do not posses the appropriate skills or training which are demanded by the employer.
Impact of the following on the Natural rate of unemployment.
1. The government cuts the unemployment benefits.
Unemployment benefits are provided by the government to help labourers to maintain their minimum standerd of living in unemployment condition. In case government reduces the unemployment benefits then income level of consumer will fall, resulting into reduced purchasing power which will reduce demand of goods and services. Assuming the supply being constant excess supply will reduce inflation rate in the economy. Which will encourage producer to reduce production which ultimately will result into increase in unemployment in the economy.
2. Number of teenagers participating in the labour market increases by 20 %
Assuming that demand of labour in economy is constant if the nilumber of teenagers participating in the labour market increases by 20% then wage rate will decrease which will result into fall in inflation. Demand deficit in economy will reduce production which will result in further increase in employment.
Since there is no formula by which we can calculate the natural rate of unemployment we cannot estimate the accurate impact these event in numeral terms.
3.The table can be expanded for the middle values of observing the difference between two consecutive values.
| Price | Qty demanded | Qty supplied |
| 0 | 150 | 0 |
| 1 | 140 | 20 |
| 2 | 130 | 40 |
| 3 | 120 | 60 |
| 4 | 110 | 80 |
| 5 | 100 | 100 |
| 6 | 90 | 120 |
The equilibrium occurs where quantity demanded = quantity supplied.
The equilibrium price of waffles is $5.
The equilibrum quantity of waffles is 100.
Event 1:
A shortage of maple syrup will increase the price of maple syrup. This will lead to decrease in demand for waffles since waffles and maple syrup are complementary goods (both are consumed together). The demand curve will shift leftward. At the new intersection of supply and demand, equilibrium price and quantity both will fall.
Equilibrium price: down
Equilibrium quantity: down
Event 2:
This study will have a positive impact on demand for waffles. The demand for waffles will increase and demand curve will shift rightward. At the new intersection of supply and demand, equilibrium price and quantity both will rise.
Equilibrium price: up
Equilibrium quantity: up
4.Give 5 examples of how our sensory system can be used as a stimulus for marketing and advertising
Solution:
In psychology, the sensory system is an important field to understand an individual behavior. Sensation like hearing, touching, seeing etc. are the sensors of human body those respond and act on the basis of experience in th world. In marketing and advertising field, for making a strong product image in full of market competition the sensing power of consumer is used. To attract the consumers attention, various methods are used as tasty smell/ fragrance, outer appreance of a product , attractive colors etc. When a successfull game with sensation power of consumer is completed then, Sensory marketing system transit a unnoticed company to big brand of a product. The following are the five examples of sensory system use as stimulus for marketing a product.
| 1. | Seeing | Sight sense is a most important for getting attention. How many times, again and again a product will be advertise, then it will have more impacts on a consumers minds. After a certain time period, he try to purchase it. |
| 2. | Touching | Smoothness of a prodcut also attaract like Apple phone. So, product is develop in that sense if a consumer touch and use it then he realise more smoothness in a prodcut to purchage again in forthcoming years. |
| 3. | Smell | The smell sense basically use in food items like chipse, maggies etc. The sweetest the smell of food, larger attaracts the consumer smell sense |
| 4. | Taste | After smelling, if he taste that product and first exerience is enjoyable then, definitly next time the consumer will prefer that company good without any hestiation |
| 5. | Sound | Spund sense is also so attractive to advertise a product. Like advertise with a theme song has a long lasting impact on a consumer mind with the name of that product. So, soon it reach in the daily routine product list. |
Thus, a company reaches upto top brand just after playing with the sense of a consumer. So, our sensory system always use as a stimulus for marketing and advertising by a company.
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