I want you finish all questions and Im international student please use simple gramma and words ,not too academi

I want you finish all questions and Im international student please use simple gramma and words ,not too academically.


ECON 1032
Macroeconomics
Group or Individual Assignment
(30 Marks, 15% of the final grade) – Due March 8, 2019
Instructions
Step 1: Decide if you wish to work on the assignment in a group or on your own
Step 2: If working in a group, the group can be up to 3 students in total
Step 4: Notify me through email the names of the group members
Step 3: Read the questions, answer all of them in the space provided and use your own words to do so
Format and Requirements:
1. Any use of direct quotes or paraphrased material must be properly referenced (use either APA or MLA)
2. Write your answers in an academically acceptable language and tone
Submission:
1. The assignment must be submitted through BlackBoard only. No other submission format will be
accepted. If you do not know how to submit an assignment through BlackBoard please get support through
Library Services.
2. If working in a group, have one group member submit the assignment and ensure all group member names
and student numbers appear on the assignment.
3. It is the groups’ responsibility to ensure all group member names appear on the assignment when submitted.
4. Late assignments, or group members whose names are added after the due date, will be subject to a late
penalty of 20% per day including weekends. Except in exceptional cases and in accordance with George
Brown College Policy as well as the course Testing and Assignment Policy, no extensions without penalty or
name additions without penalty will be given after the assignment due date.
1
Use the table below to answer the following question.
Table 21.3.2
Data from Southton
Item
Rubber Ducks
Beach Towels
Price
(dollars)
Base
1.00
9.00
Price
(dollars)
Current
1.25
6.00
Quantity
(number)
Base
100
12
Quantity
(number)
Current
100
14
1) Refer to Table 21.3.2. From the data in Table 21.3.2. What is Southton’s consumer price index for the current year and
what is the rate of inflation over the base year? Show your calculations. (4 Marks)
2) When CPI is reported, commodity substitution bias in CPI is not considered. What does commodity substitution bias
mean and why does it occur? (2 Marks).
3) What is meant by “core inflation rate” and why does the Bank of Canada consider the core inflation rate?
(2 Marks)
2
Use the figure below to answer the following questions.
Figure 22.3.2
4) Refer to Figure 22.3.2. What is the equilibrium real wage rate and hours per year? (2 Marks)
5) Refer to Figure 22.3.2. If the working age population was to increase as a result of a change in government policy, what
would be the impact on labour supply? How would the impact on labour supply affect equilibrium real wage rates and
the equilibrium hours per year? What would be the impact on real GDP? Fully explain your answer. (4 Marks)
3
6) Mexico’s real GDP was 14,461 billion pesos in 2016 and 14,702 billion pesos in 2017. Mexico’s population was 121
million in 2016 and 122 million in 2017. Complete the questions below, fully showing your work and explaining your
answers. (6 marks)
a) What is the growth rate of real GDP?
b) What is the growth rate of real GDP per person?
c)
Explain what is happening to the Standard of Living in Mexico
4
Use the figure below to answer the following question.
Figure 22.3.1
7) Refer to Figure 22.3.1. In the above figure the country of Kemper is currently on the aggregate production function
given by the line W-X. If in the country of Kemper the aggregate production function shifted to the line given by Y-Z,
what would this shift represent and what factors would cause this shift occur? What impact would this shift have on
labour demand and real wages? Fully explain your answer. (4 Marks)
5
Use the table below to answer the following questions.
Table 22.3.1
Real wage rate
(2007 dollars per
hour)
15
20
25
30
35
Real GDP
(trillions of 2007
dollars per year)
3
9
14
18
21
Quantity of labour Quantity of labour
demanded
supplied
(billions of hours (billions of hours
per year)
per year)
70
10
60
20
50
30
40
40
30
50
Quantity of labour
(billions of hours
per year)
20
30
40
50
60
8) Refer to Table 22.3.1. The tables show the labour market and the aggregate production function schedule for the
country of Pickett. Plot both the aggregate labour market and aggregate production function. Using these graphs, show
the equilibrium real wage and quantity of labour. At the equilibrium in the labour market, what would be the level of real
GDP associated with that equilibrium? Explain why the equilibrium in the labour market can be used to find the level of
real GDP. (6 Marks)
6
7

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