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1、Chapter9:CapitalUtilizationandUnemploymentAnswerstoreviewquestions,pg.2291.Machinesaredeterminedbythecapitalstockavailableduringtheperiod,andmaybeconsideredazzfixed,zinput;butthenumberofhoursusedisa//variable,,inputandcanbeadjustedaccordingtocurrentcond让ions.Thus,
2、theactualcapitalinputisthenumberofmachinesmultipliedbythenumberofhourseachisused.Equation9.4showsthattherateofreturnoncapitalownershipisnotjustafunctionofmachinesowned,butofthenumberofmachinehourssupplied.Sincetherateofdepreciationincreaseswiththeintensityofuse,th
3、erateofreturntocap让alownershipcanbereducedbyusingittoointensely.2.a.AnincreaseinR/Pincreasesthevalueofeachhourofcapitalsupplied.b.Iftheeffectsofcapacityutilizationratesondepreciationweretoincrease,thenthenetrateofreturnwouldbereducedforallvaluesofk.3.Theunemployme
4、ntrateisthenumberofunemployed/laborforce.Sincethelaborforceisweaklypro-cyclical,thenumberswillunderestimatethetrueunemploymentrateastheeconomyapproachesatroughofarecession(whenlaborforceissmaller)andoverestimateitduringtheirdtialstagesofrecovery.(Seediscussionof#9
5、below.)1.Themajorreasonaworkermayrejectanofferofemploymentwhichisgreaterthantheircurrentincomeisthattheofferisinthelowerendofthedistributionofexpectedoffers.Iftheyrefuse,theymustsuffertheopporturdtycostsassociatedw让htheforegonewages,butinreturn,theymightendupfinda
6、betterofferthatmorethanmakesupforit.Itisthetradeoffbetweenthesetwoopportunitiesthatdeterminesthereservationwage:thelowestacceptableoffer.2.Jobseparationsmayhaveavarietyofcausesincluding:-imperfectinformation:eitherthejobortheemployeemailfailtoliveuptotheexpectatio
7、nsbasedontheoriginalevaluation.-circumstancesofthejobmaychange:technologyormarketdemandsmaychangeinawaythatreducesthevalueoftheworkertothefirm--circumstancesoftheworkermaychange:theworkermayhaveachildorfamilymemberneedingcare,theymaydevelopdifferentpreferencesrega
8、rdinglocationorworkingconditions,etc.-Somejobsaretemporarybydesign,includingseasonalwork.3.Thenaturalrateofunemploymentistherateassociatedwithabalancedf
