08 Jun Question Hello Everyone this is an econ 302 question. I just cant get it ! if you guys could solve it I would greatly appreciate it! Thanks
Question
Hello Everyone this is an econ 302 question. I just cant get it ! if you guys could solve it I would greatly appreciate it! Thanks
2) Suppose the marginal product of labor in the economy is given by MPN = 0.002(16,000 – N), while the supplyof labor is 1000 + 1000w.(a) Find the market-clearing real wage rate and level of employment.(b) What happens to the wage rate and employment if wealth rises, reducing the supply of labor to 500 +1000w?(c) What happens to the wage rate and employment if after wealth has risen as in part (b), there is aproductivity shock that increases the marginal product of labor to MPN = 0.0025(16,000 – N)?
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