http://www.irishtimes.com/business/economy/europe/spain-s-unemployment-rate-hits-26-1.1071935

The significant issue in this article is that in Spain, unemployment rate is high because of recession in Europe. Spain has the second highest in the eurozone trailing greece. Greece now has the highest unemployment rate and Spain is now already 26.02 percent.

Unemployment refers to the people that are considered in the working age or labour force that are actively looking for jobs but are not employed. According to the article, there are already almost 6 million people that doesn’t have any jobs. The unemployment rate of spain is now 26.02% meaning around 2.6 people out of 10 people will be unemployed. This unemployment is caused because there is a recession in the Spain economy. Recession is the period of time where there is a sustained decrease in the general price level.

As you can see in the Neo Classical model in figure 1, the current real GDP of Spain would be lower than the LRAS. This will cause the recessionary gap or the deflationary gap from Ye to the LRAS. When the economy is on the LRAS, that means that the economy is putting its full potential without any unemployment excluding the natural rate of unemployment. Natural rate of unemployment are    structural, frictional, and seasonal unemployment. When the economy is on its full potential, that means that the unemployment in the country is equal to the natural rate of unemployment. If the unemployment is bigger than that, then that means that the economy is not going on its full potential which is visible on the Neo classical model graph as the LRAS. In the graph, you can see that the deflationary gap is the cyclical unemployment. Cyclical unemployment is the unemployment caused by the recession. So the recessionary gap will be the cyclical unemployment.

Now in figure 2, there is a decrease in the AD. In the graph the AD moves to the new AD curve in AD1. There is a decrease in the AD because the consumer consumption decreases. This causes the real GDP of Spain to decrease. This will then cause recession in Spain’s economy because as you can see when the AD shifts to the left, the average price level changes from P to P1. Recession is again the sustained decrease of the average price level which is in this case a decrease from P to P1. When Spain’s economy is already in recession but then goes into an even deeper recession, the recessionary gap of the graph now extends even more because the new economy is now further from the LRAS. This will also mean that the cyclical unemployment will also increase as the recessionary gap increases.

In this graph of labour vs wage graph in figure 3, we can see that there is a decrease in ADL from ADL to ADL1 because in recession, firms will demand less workers because their business is not doing well. Then the ASL will also decrease to ASL1. Now you can see that the NRU also increases to NRU1.

So because of the recession happening in Spain, then the workers will get affected as they cannot find jobs anymore. They will have difficulties finding work as firms are not demanding them as much as before. Even if they have a job, firms will most likely pay less wages. Firms are also affected because their business is not doing will, they cannot have enough money to hire workers but to cut off workers or lower the wages. When they have less workers, that means that production will also be less. In the long-run, firms will have to find a replacement for labour like technology and then find workers that are skilled to operate these technologies. Then there will be new jobs available for people. Another stakeholder that can be affected are other firms from outside the country that sells their products to Spain but then they don’t have enough money to buy as much quantity as they usually do and therefore affecting the imports of Spain.

Here the AD will automatically shift back to the LRAS, then the rate of unemployment will go down; but keynesian economists doesn’t believe the economy going to the LRAS automatically. But if the economy doesn’t go back to the economy and the real GDP stays low, then there will be a lot of people that will still be jobless. People will either move out or the country will bankrupt.

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A googol is 10^10 and a googolplex is 10^googol. Find

(a)    googol

(b)    googolplex

Be sure to explain your reasoning.

(a)

log (googol) = 10
it is so because log is equal to log base 10. When the base of the log and the argument are the same, it is simply equal to 1. Now, with the exponent of 10 multiplied to 1, the result becomes 10.
So, log ( log ( googol ) ) = log 10

log 10 = 2.303

(b)

10^10^10 = 10^100 because the exponents are multiplied. so, a googolplex is 10^100.
so now the question becomes, log ( log ( 100 x 1 ) ).
100 = 10^2.
so, log ( log 10^2)
log 2 = 0.693

These are the top 10 things that I learned the following week.

- I learned about what a sigma symbol is. It is a letter from the Greek alphabet with the sound of ‘s’. It means the sum of.

- I learned how to use the sigma symbol in a sequence context. I can now use the sigma symbol to show sequences when they add together

- I learned about what convergent means. When shown in graph, it means that the graph is converging and getting closer and closer to a specific number. It could be getting closer and closer to the x-axis.

- I learned about what divergent means. When shown in graph, it means that the graph is diverging and getting away further and further from a specific number. It could be getting away from the x-axis.

- I learned that in the GDC calculator, we usually use the degree function. But for doing sequence problems, we can change the mode to sequence and the ‘y=’ editor also changes. The ‘x’ button also changes to ‘n’ automatically because ‘n’ is used in sequence problems.

- I learned that we can use graphs to solve sequence problems. The x-axis shows the term number; and the y-axis shows the term value.

- I learned that when a sequence has a common ratio of a negative number, the sequence could end up as something like 2, -4, 8, -16,… When graphing this sequence, the graph will have curves that goes above and under the x-axis.

- I learned that using a table from the calculator could solve a sequence problem.

Supply cost: is the minimum cost for a good or service
Factor cost: is the value of goods and services at the prices received by sellers

As you can see in the graph, the supply curve shifts to the left. When the company fires 8000 workers, that means that there will be less production and supply because of the lack of labor. When there is lack of power for production, the supply curve will shift to the left because of lesser supply from the original supply. Because the price will not change instantly, the price will stay the same. But when the price stays the same, they will have excess demand. When they have excess demand, they need to have a market clearing process to keep everything balanced. So the company will increase its price, and get a lower quantity of demand making them in a new equilibrium price. Increasing the factor cost will mean that there will be more supply than the ideal amount of workers.
The ones impacted by this are the people in europe that will be unemployed. People will have no job it will will ruin more of the crisis happening in europe. it will effect the demand of other electric cars because people in france will switch to buy cheaper electric cars rather than the expensive peugeot cars. It is a good thing for the peugeot company because they will not lose more money but it can ruin other people’s lives.

How well do people accept new technology?

they like new technology because it really improves the accuracy and the speed in doing things. it can also help things more organized.

which tasks are performed better using robotics, and the other way around?

in car productions, it is better when using machines because they can make cars with robots and finish in 30 minutes while without it, they need a few days.

which tasks are done better with the help of a computer and which tasks are not?

It is easier to use the computer to research for information by using the internet. But when something is urgent, it is better to go to the guy you want to tell it to rather than email him and find out that he doesnt read his mail.

what are possible health and safety consequences arising from the use of ICT?

RSI, repetitive strain injury, neck strain, back strain.