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 measures productivity and is the number of labor A

N 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 ( ) for A A=2.0

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Macroeconomics

ISBN: 9780134896441

10th Edition

Authors: Andrew Abel, Ben Bernanke, Dean Croushore

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Question Posted: Nov 15, 2024 06:00 AM

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4. The marginal product of labor (measured in units of output) for a certain firm is MPN...

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Macroeconomics

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