(Answered) A suppose the rate of finding a job is 50 while the

Management Studies

a) Suppose the rate of finding a job is 50% while the separation rate is 5%. What is the natural rate of unemployment?

b) If the binding minimum wage in the economy is currently $10 per hour, what would happen to the natural rate of unemployment if the minimum wage were increased to $20 per hour?

c) Your friend says there are no benefits to paying efficiency wages because they increase the natural rate of unemployment. Briefly explain if your friend is correct or not.

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