Managerial Economics Q.1.0) For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift. a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased. b.During the same period the price of radio sets declined, while the number of radio sets purchased increased. c.Housing prices are rising …showed first 75 words of 5960 total…

…showed last 75 words of 5960 total…Tab/> <Tab/>3.<Tab/>Another understating of the unemployment rate occurs because the survey treats the part time workers equal to the full time workers. Some of these part time workers might be willing to go for full time job given a chance. These latter workers are underemployed. Such under-utilization of the employees is great in recession, but is not reflected in the measured unemployment rate.