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2. Given the data contained in the Homework #3 supplement for Question 2 (the tab on the bottom of the Excel spreadsheet), answer the following questions.
(a) Calculate the Location Quotient (LQ) for the Retail Trade industry by using Weakley County as the local employment sector (the numerator in the LQ formula) and the entire four county region’s Retail Trade industry as the denominator in the LQ formula. As a hint I have highlighted the total employed workforce in Yellow and the number of workers employed in the Retail Trade industry for each county in Orange. (20 Points)
(b) Using the decision rules discussed in the lectures about interpreting the value of LQ, would you conclude that Weakley County is self sufficient, importing or exporting goods developed from the Retail Trade industry? Why? (5 Points)
3. Given the data below from an Input/Output (I/O) analysis, answer the following questions.
Data from Input/Output (IO) Analysis
(a) Calculate the income multiplier for Agriculture. (20 Points)
(b) Interpret the Income Multiplier for Agriculture by explaining what it means. (5 Points)
4. Discuss the role of Agriculture in the larger macro economy. Make sure to discuss both the contributions and societal costs. (25 Points)
BCDE1Data for Question 1NEmployment Sector (Industry)AwUnited States EmploymentWeakley Co. Employment2002200720022007Professional7,243,5057,870,41412798Retail Trade14,647,67515,515,3961,2831,256Healthcare15,052,25516,792,0741,3661,527Many others…Total120,301,239152,559,6179,0846,058111213141516
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