PS2 - ECON1312, Section 3 and 4 02/06/08 Problem Set 2 Due...

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ECON1312, Section 3 and 4 02/06/08 Problem Set 2 Due MONDAY 02/11/08, by 1:00pm Bring the problem set to Chapman 416. I will post the solutions to the problem set at 1:00pm on Monday so that you have access to it before the exam on Tuesday. NOTE: You have the option to work in groups of up to three people and hand in one problem set per group. Question 1 In the New Orleans metropolitan area in August 2005, the labor force was 634,512 and 35,222 people were unemployed. In September 2005 following hurricane Katrina, the labor force fell by 156,518 and the number of employed fell by 206,024. Calculate the unemployment rate in August 2005 and in September 2005. Show your work! Question 2 A typical family on Windy Island consumes only juice and cloth. Last year, which was the base year, the family spent $80 on juice and $50 on cloth. In the base year, juice was $8 a bottle and cloth was $10 a length. This year, juice is $8 a bottle and cloth is $12 a length. Calculate: 1. The CPI basket. 2.
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PS2 - ECON1312, Section 3 and 4 02/06/08 Problem Set 2 Due...

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