note_2 - Econ 102 Spring 2011 TA Note for Week 2 Sangyup...

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Econ 102 Spring 2011 TA Note for Week 2 Sangyup Choi([email protected]) Note : common mistake students make on the exam Q) Sam doubled all inputs to con°rm whether output is also doubled or not to show the production function has CRS property. Thus he multiplied 2 to A(technology), K(capital), L(labor). What was the critical mistake he made? Exercises 1. What happens to US GDP if import of cars from South Korea increases? (Ceteris Paribus) doesn°t change 2. Which of the following is the case that real wage falls down? d (a) legislation for child labor (b) expected earlier retirement by work out (c) decrease in household±s asset holding (d) all of the above. 3. Use graph of the production and labor market to show how each of the following a/ect current level of US employment, real wages, and real output. (a) Diplomatic con²ict with Saudi Arabia but expected to be solved soon real wage decreases, employment decreases, output decreases (b) Invention of new method of nuclear power real wag e decreases, employment
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