Instructions: Visit the US Department of Labor’s Bureau of Labor Statistics...

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Instructions: Visit the US Department of Labor’s Bureau of Labor Statistics athttp://www.bls.gov/bls/newsrels.htm(Links to an external site.).

Answer the following questions and submit your answers in the Case Study drop box under the Assignments tab on Canvas. You may prepare your answers ahead of time and attach them as a MS Word document only. Please be thorough in your responses. Each question must be answered in the form of a paragraph (minimum of 5 sentences). You must include your Name, Section Number, and Title. Also, you are required cite your source(s) using MLA formatting. (2)

Question 1: Click on Productivity and technology and then select Productivity and Costs. http://www.bls.gov/news.release/pdf/prod2.pdf(Links to an external site.) What has been happening recently to productivity and costs of production? (2)

Question 2: Would the change in productivity impact the overall aggregate supply curve for goods and services in the Macro economy? Graph your results using Excel or Google Graphs. (2)

Question 3: Click on Real Earnings under Major Economic Indicators. http://www.bls.gov/news.release/pdf/realer.pdf(Links to an external site.) What has been happening recently to earnings of U.S. workers? What does the term "Real" mean? How does this, if at all, relate to the function of consumption? (2)

Question 4: What do you believe will be the the impact of this change have on the demand for Spam (the food not junk email)? Reflect this change by describing how supply and demand will react to the change. Is this a price item or a non-price item? Graph your results using Excel or Google Graphs. (2)

Komalavalli · Accepted Answer

Question 1:
Graph of Labor productivity of non-farm business from 2016Q1 to 2020Q2
From above graph we can see that the labor productivity of non-farm increased over the period of time which is between 0 to 8 percent, while the labor productivity of the manufacturing sector was maintained between 0.0 percent to 4.0 percent from 2016 Q2 to 2019 Q2 and it became negative during 2020 Q2.
There is an increase in labor productivity of nonfarm business in the second quarter of 2020 by 10.1 percent with a 12.3 percent increase in output per hour, which is the largest quarterly since compared to the previous increase. For manufacturing sector labor productivity, decreased by 14.6 percent and output decreased by 47 percent with a decrease in hours worked by 38 percent.
From above unit labor cost graph we can see that the unit labor cost of non-farm business sector increased over the period of time and it was high compared to the manufacturing sector, While the unit labor cost of the manufacturing sector was maintained between 0.0 percent above 4.0 percent from 2016 Q2 to 2020 Q2.

Instructions: Visit the US Department of Labor’s Bureau of Labor Statistics athttp://www.bls.gov/bls/newsrels.htm(Links to an external site.). Answer the following questions and submit your answers in...

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