Q1. The article discusses the decrease in firm costs. Should the decrease in costs affect the quantity supplied? Why or why not?
This is an essay question, but I don't know how to explain. Should I use the supply-demand curve to explain, or use the marginal cost- marginal revenue curve to explain this question? How to explain?
Q2. a) Calculate the number of people in the labor force for each country.
b) Calculate the labor force participation rate for each country, and put the figures in the blanks provided. Which country had the highest labor force participation rate? Which had the lowest?
c) Calculate the unemployment rate for each country, and put the figure in the blanks provided. Which country had the highest unemployment rate? Which had the lowest?