### 经济代写|宏观经济学作业代写Macroeconomics代考|PRODUCTION AND EMPLOYMENT

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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|宏观经济学作业代写Macroeconomics代考|The Relationship between Production and Employment

The production function is the level of production that a company (or group of companies) achieves with given levels of available capital, labor, and technology. The capital of a company is formed by the plant, the equipment, and the quantity of primary, semiprocessed, and finished goods owned by the company (called stocks or inventories). The labor component is related to the total number of employees and the number of hours they work, and

technology is the way capital and labor are combined in the production process.

When we study the short term (a period of one year or less), it is possible to assume that the capital stock and the level of technological knowledge of the economy are fixed. Therefore, large output fluctuations typically reflect changes in labor inputs and changes in transitory factors, such as strikes, civil unrest, or other shocks to production. Over longer periods, variations in production also reflect changes in the capital stock and technology.

The production function has two important characteristics. First, an increase in the amount of any inputcapital, labor, or technology-increases production. The term marginal productivity is used to measure the increase in production that results from increasing any input by a single unit and is almost always positive. Second, the marginal productivity of each factor decreases when more of that factor is used and the other factors are fixed.

Let’s consider, for example, an automobile assembly plant. Suppose a machine can normally be used by ten workers, although only five workers are available to operate each machine. Under these conditions, if an additional worker is hired, production will increase substantially. However, if more workers are hired without an increase in the number of machines, the increase in total production generated by each new worker will decline. If ten workers are needed to oversee the operation of a single machine, the eleventh worker hired will add little or almost nothing to total production. The production function and marginal productivity are represented graphically in figure $2 .$

## 经济代写|宏观经济学作业代写Macroeconomics代考|Labor Supply and Equilibrium in the Labor Market

The next step in understanding how employment and output are determined in the economy is to define the amount of work that families are willing to offer to businesses. This starts with a simple decision of work supply, whereby a person must choose between working or enjoying leisure time. A day has only twenty-four hours, so each additional hour dedicated to work is one hour less available for leisure. Leisure is understood as recreational activities, such as reading for pleasure, listening to $\mathrm{mu}$ sic, playing sports, going to the theater, or even sleeping. However, the economic measurement of leisure is less precise and includes almost any other activity that has not been accounted for in the national production, such as household chores. This last definition has implications when one considers differences in labor force participation by gender, insofar as the fraction of people who are engaged in household chores is still higher among women, especially in developing countries.

In real life, the decision to offer labor to a business is, of course, much more complex. Individuals are subject to many more limitations and needs, along with personal long-term goals and aspirations, that play an important role in their work-supply decision. This is the case with many other decisions or real-life situations that economic models intend to portray. The fact that economic models simplify reality helps explain why they do not provide exact predictions for real outcomes. This is especially relevant when we consider the role of models in the making of macroeconomic policy. However, one should keep in mind that models, although often inexact, tend to provide the closest mathematical approach to reality and facilitate decision-making.

## 经济代写|宏观经济学作业代写Macroeconomics代考|The fact that economic

Now that we have determined labor demand and supply, the next step is to observe how they interact and how equilibrium is obtained in the labor market. Equilibrium is the point at which the demand for labor is met by the supply of labor: in other words, every job opening has been filled and the unemployment rate is 0 percent. True equilibrium is generally possible only in economic models. In the real world, there is often some level of unemployment, which we discuss in the next section. The simplest version of the labor market equilibrium is the classical approach, which assumes that real wages are flexible and adjust to keep the supply of and demand for labor in equilibrium. In this context, work is fully employed, since companies want to hire exactly the amount of work that people are offering, and the real wage is determined by the market.

Figure 3 shows how the labor market is balanced at the intersection of labor demand and supply. However, this relationship between output and employment could be broken temporarily. For example, in Chile, the year 2000 was quite contradictory in economic terms. While the Chilean GDP increased by $4.5$ percent, 23,000 jobs were lost. This is paradoxical since historically, for every percentage point increase in Chile’s GDP, employment grew by approximately $0.7$ percent per year. This means that in the year 2000 more than 100,000 jobs should have been created.

## 广义线性模型代考

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## MATLAB代写

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