1. The trends have been quite dynamic in productivity and cost over the last year.

Labour productivity in the nonfarm business sector fell 0.6 percent last year. In the
first quarter of 2022, however, productivity plummeted by a huge margin of 7.5
percent. Moving towards output there was a significant rise in the output percentage
of 4.2% last year but in the first quarter that too decreased by 2.4%. The hourly
compensation was increased by 6.5% in the previous year whereas in the first quarter
the increase was only 3.2%. Whereas in case on manufacturing there is a positive rise
in the first quarter of 2022. The labour productivity has increased 0.7 percent. The
output has now increased by 5.7% compared to 5.2% of last year and the different in
hourly compensation is not much, in case of first quarter is 2022 it is 2.8% whereas
for last year it was 3.5%. The nonfarm business and manufacturing areas' annual
average rates of increased productivity were not altered for 2021, and stand at
1.9% and 3.2%, correspondingly.

2. The change in productivity is the most important element in altering the demand-
supply curve throughout time. In economic terms, productivity refers to the amount of
production that can be generated with a given amount of labour. If productivity rises
with time, the same amount of labour can create more output with the same amount of
effort. Because better productivity allows firms to create more output at all price
levels, the demand-supply curve shifts to the right. A change in a resource's
productivity affects demand, while an increase in productivity boosts demand.

3. The US Bureau of Labour Statistics projected that real average hourly wages for all
employees fell 0.1% in the first quarter of 2022, seasonally adjusted. This is due to a
0.3% rise in average hourly wages paired with a 0.3% rise in the Consumer Price
Index for All Urban Consumers. Because of the decline in real average hourly wages
paired with no shift in the average workweek, real earnings remained basically
unchanged during the month. Last year, seasonally adjusted real average hourly
wages fell by 2.6 percent. Over this time period, the reduction in real average hourly
wages, along with a 0.9% reduction in the average workday, led to a drop of 3.4% in
real average weekly earnings. Seasonally adjusted, real average hourly wages fell by
2.3% during last year. 

4. If the real earnings of people buying spam decreases, the demand of spam would
increase. This increase leads the demand curve to shift towards the right. Since spam
is considered as an inferior group, it is known by definition that if the an inferior good
is less, people tend to buy more of it if the income goes down. In economic terms,
since the quantity of spam sought rises as real earnings falls, the elasticity of demand
for spam is negative.
References –

1. Asmundson, Irena. "Supply and Demand: Why Markets Tick." 24 February 2020.
International Monetary Fund.
<https://www.imf.org/external/pubs/ft/fandd/basics/suppdem.htm>.
2. "Economic News Releases." May 2022. U.S. Bureau of Labor Statistics.
<https://www.bls.gov/bls/newsrels.htm>.
3. "Supply and Demand for Productive Resources." March 2020. Learn Econometrics.
<http://www.learneconometrics.com/class/2023/labor1.htm>.