Cyclical unemployment refers to short-run fluctuations around the natural rate of unemployment.
Cyclical unemployment is the portion of overall unemployment that is a direct outcome of economic boom and bust cycles. Generally speaking, unemployment increases during recessions and decreases during economic expansions. The purpose of the different policy instruments used by governments to boost the economy and a major motivator for studying economics is to reduce cyclical unemployment during recessions.
In the context of the business cycle, cyclical unemployment is related to the erratic ups and downs, or cyclical trends in growth and production, as indicated by the GDP. The downturn usually turns into an upturn, followed by another downturn in most business cycles.
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Answer:
Given:
Annual lease = $22000
Annual revenue = $380000
Payments = $120000
Utilities = $8000
Value (entrepreneur's talent ) = $80000
Forgone Entrepreneur's interest = $6000
Therefore, we'll first compute the accounting profit using the following formula :
<em>Accounting profit = Annual revenue - Annual lease - Payments - Utilities </em>
<em>Accounting profit = 380000 - 22000 - 120000 - 8000 </em>
<em>Accounting profit =$230000
</em>
Therefore, the economics profit can be evaluated using the following formula:
<em>Economic profit = Accounting profit - Opportunity cost (Salary of entrepreneur) - Value (entrepreneur's talent) - Forgone Entrepreneur's interest</em>
<em>= 230000 - 50000 - 80000 - 6000</em>
<em>= $94000</em>
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