7. Sketch a typical-looking labor market with a downward sloping aggregate VMPL (labor demand). a. Label the
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7. Sketch a typical-looking labor market with a downward sloping aggregate VMPL (labor demand).
a. Label the part of this VMPL curve that maximizes total productivity.
b. Label the part of this VMPL curve that maximizes average productivity (i.e., output per worker).
c. Add an upward sloping labor supply. Label the intersection with the VMPL curve. Explain why economists believe the wage at the intersection is most efficient. Add a binding minimum wage (price floor). Has the minimum wage increased or decreased worker productivity? Briefly explain.
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