4 The marginal product of labor (measured in units of output) for a certain firm is MPN...
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4 The marginal product of labor (measured in units of output) for a certain firm is MPN = A(100 - N), where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit.
a. If A = 1.0, what will be the demand for labor if the nominal wage is $10? If it is $20? Graph the demand curve for labor. What is the equilibrium real wage if the supply of labor is fixed at 95?
b. Repeat part
(a) for A = 2.0.
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