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UF / Economics / ECO 3203 / What refers to percentage change in the price level from one period to

What refers to percentage change in the price level from one period to

What refers to percentage change in the price level from one period to

Description

School: University of Florida
Department: Economics
Course: Intermediate Macroeconomics
Professor: Professor
Term: Spring 2020
Tags: #demandcurve #supplycurve #demandshifters #supplyshifters #demandfunction #marketequilibrium #surplus #pricefloor #priceceiling, Macroeconomics, Economics, and cobb-douglas utility
Cost: 25
Name: Week 2 - Lecture 3 & 4
Description: Price Levels Unemployment National Income Long-Run Macro Model Distribution of Output Cobb-Douglas Determinants of Demand
Uploaded: 01/16/2020
9 Pages 97 Views 3 Unlocks
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"}ol.lst-kix_v996nfe064bg-0{list-style-type:none}ol.lst-kix_n1jag4ojqie-5.start{counter-reset:lst-ctn-kix_n1jag4ojqie-5 0}.lst-kix_ael0hoddpooj-6 > li{counter-increment:lst-ctn-kix_ael0hoddpooj-6}ol.lst-kix_v996nfe064bg-3.start{counter-reset:lst-ctn-kix_v996nfe064bg-3 0}ol.lst-kix_v996nfe064bg-7{list-style-type:none}ol.lst-kix_v996nfe064bg-8{list-style-type:none}ol.lst-kix_v996nfe064bg-5{list-style-type:none}ol.lst-kix_v996nfe064bg-6{list-style-type:none}ol.lst-kix_v996nfe064bg-3{list-style-type:none}ol.lst-kix_v996nfe064bg-4{list-style-type:none}ol.lst-kix_v996nfe064bg-1{list-style-type:none}.lst-kix_v996nfe064bg-7 > li{counter-increment:lst-ctn-kix_v996nfe064bg-7}ol.lst-kix_v996nfe064bg-2{list-style-type:none}.lst-kix_n1jag4ojqie-0 > li{counter-increment:lst-ctn-kix_n1jag4ojqie-0}.lst-kix_ih7dq94nj13d-3 > li{counter-increment:lst-ctn-kix_ih7dq94nj13d-3}.lst-kix_lszcylv4q9oz-3 > li:before{content:"- "}.lst-kix_lszcylv4q9oz-2 > li:before{content:"- "}.lst-kix_v996nfe064bg-1 > li{counter-increment:lst-ctn-kix_v996nfe064bg-1}.lst-kix_lszcylv4q9oz-7 > li:before{content:"- "}.lst-kix_p3etpdfv1ql5-8 > li:before{content:"- "}.lst-kix_p3etpdfv1ql5-7 > li:before{content:"- "}.lst-kix_xrr50svp47g5-3 > li:before{content:"- "}.lst-kix_xrr50svp47g5-2 > li:before{content:"- "}.lst-kix_lszcylv4q9oz-6 > li:before{content:"- "}.lst-kix_ael0hoddpooj-2 > li{counter-increment:lst-ctn-kix_ael0hoddpooj-2}ul.lst-kix_qzx7ivkh6a1a-0{list-style-type:none}ul.lst-kix_qzx7ivkh6a1a-1{list-style-type:none}ul.lst-kix_qzx7ivkh6a1a-2{list-style-type:none}ul.lst-kix_qzx7ivkh6a1a-3{list-style-type:none}ul.lst-kix_qzx7ivkh6a1a-8{list-style-type:none}.lst-kix_xrr50svp47g5-6 > li:before{content:"- "}ul.lst-kix_qzx7ivkh6a1a-4{list-style-type:none}ul.lst-kix_qzx7ivkh6a1a-5{list-style-type:none}ul.lst-kix_qzx7ivkh6a1a-6{list-style-type:none}ul.lst-kix_qzx7ivkh6a1a-7{list-style-type:none}.lst-kix_xrr50svp47g5-7 > li:before{content:"- "}.lst-kix_v996nfe064bg-3 > li{counter-increment:lst-ctn-kix_v996nfe064bg-3}ol.lst-kix_ih7dq94nj13d-5.start{counter-reset:lst-ctn-kix_ih7dq94nj13d-5 0}ol.lst-kix_n1jag4ojqie-1.start{counter-reset:lst-ctn-kix_n1jag4ojqie-1 0}.lst-kix_ih7dq94nj13d-5 > li{counter-increment:lst-ctn-kix_ih7dq94nj13d-5}.lst-kix_xqprltdsmkf5-5 > li:before{content:"- "}.lst-kix_bjryupavgk8c-4 > li:before{content:"- "}.lst-kix_v996nfe064bg-8 > li:before{content:"" counter(lst-ctn-kix_v996nfe064bg-8,lower-roman) ". "}.lst-kix_bjryupavgk8c-5 > li:before{content:"- "}.lst-kix_v996nfe064bg-5 > li:before{content:"" counter(lst-ctn-kix_v996nfe064bg-5,lower-roman) ". "}.lst-kix_xqprltdsmkf5-6 > li:before{content:"- "}.lst-kix_v996nfe064bg-1 > li:before{content:"" counter(lst-ctn-kix_v996nfe064bg-1,lower-latin) ". "}.lst-kix_p3etpdfv1ql5-0 > li:before{content:"- "}.lst-kix_v996nfe064bg-0 > li:before{content:"" counter(lst-ctn-kix_v996nfe064bg-0,decimal) ". "}.lst-kix_v996nfe064bg-4 > li:before{content:"" counter(lst-ctn-kix_v996nfe064bg-4,lower-latin) ". 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Lecture 3Don't forget about the age old question of Why does hobbes believe that the constitution is a bit of contradiction?

Price levels

  • Measure cost of living

We also discuss several other topics like Who are the free african americans?

Inflation - increase in overall price levelWe also discuss several other topics like How are inequality and privilege related to each other?

Deflation - decrease in overall price level

Inflation rate (): percentage change in the price level from one period to the next

         = %P = If you want to learn more check out Whata re the characteristics of water when cohesiveness is present?

GDP deflation  = x 100Don't forget about the age old question of What is the formula for molality?

In base year, nominal GDP = real GDP so GDP deflator = 100

Don't forget about the age old question of How are vascular plants characterized?

Consumer price index (CPI)

  • Used commonly for cost - of - living adjustments (COLA’s)
  • Fixed basket for consumer goods (2 apples and 5 bananas)

Base year                        this year

Apple $.50                        $.75 → 2.75

Banana $.20                        $25

CPI =  x 100

CPI =  x 100 = 137.5

GDP deflator

  • All goods
  • Domestically produced goods
  • All goods that are produced
  • Weights of goods change as production changes

CPI

  • Only consumer goods
  • Includes imported goods
  • Subset of goods
  • Fixed weights
  • Tends to overestimate inflation because
  1. Lack of substitution
  2. Intro of new goods
  3. Quality differences

Core inflation = CPI excluding agricultural products and energy

Producer price index: cost of a basket of intermediate goods

Personal consumption expenditures (PCE)

Deflator

        Y = C + I + G + NX

 x 100

Unemployment = number of workers in the economy without a job

  • Gauge of how well an economy uses its resources

Unemployment rate (u):

Number in labor = number of unemployed + number of unemployed force

  • Correct unemployment rate

The Bureau of Labor Statistics (BLS) uses…

  1. Current population survey: monthly survey of 60,000 households every 16 + age is place into:
  1. Employed
  2. Unemployed: no job but searching in last 4 months
  3. Out of labor force

        Jan 10th: Dec 2019

  1. Establishment survey: survey of non - farm firms

142, 000 firms - employ “3 of all US workers

Non - farm payroll numbers = + 145,000

Chapter 3

National income = total output (y)

  • Real terms

Factors of production

  • Labor (l) capital (k)

Technology = how inputs are converted to output

  • If have better technology produce better and more

Production function = y = F(K,L)

Long - run macro model

Assumptions

  1. All markets are perfectly competitive
  2. Prices are completely flexible
  3. Closed economy
  4. Full - employment of all factors

        L = I         K = K

  1. Constant returns to scale production function
  • Increase both factors by same percentage = produce twice amount of output

F(zK, zL) = zY

Y = F(K,L) = Y - fixed for any given amount of L and K and technology

  • Only way to produce more output to increase labor, capital or technology

Lecture 4

National (Real) income = Total output (y)

In long - run (y = (L,K) = Y - output is fixed for any given K,L and level of technology

Nominal wage (w)

  • How much a worker earns in monetary terms

Real wage

  • How much you can buy with wage earned from labor

Nominal rental of capital (R)

Real rental of capital

Cheaper worker become, more will be used

Representative firm

         = P x Q - W x L - R x K

Firms… does not choose price, R or K

  • Choose W and L which implicitly chooses Q (output)
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