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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Macroeconomics Global Edition

ISBN: 978-1292318615

10th Edition

Authors: Andrew Abel ,Ben Bernanke ,Dean Croushore

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Question Posted: Nov 14, 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 Global Edition

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