3. (15 pts) In a certain economy the production function is Y = AlOON 0.50112), Where Yis output, A is productivity, and N is total hours worked. The supply of labor is: N5 = 10 + 0.8113, where w is the real wage. Initially the value of A is equal to 1.0. 3.1 (5 pts) Derive the demand for labor and Find the equilibrium levels of output, hours worked and the real wage. 3.3 (5 pts) Suppose the country starts to reopen and relaxes the lockdowns and social distancing rules to mitigate the Novel Coronavirus Pandemic= increasing A to 1.1. Find the equihbrium levels of output, hours worked, and the real wage after the productivity shock. 3.3 (5 pts) Show graphically the effects of this productivity shock in the labor market and in the classical ISLM model (with no mispel'ceptions). Label as many points as you can. Labor Market ISLM