4. (15 points) Consider an economy in which the marginal product of labor MPN is MPN = 309 2N, where N is the amount of
4. (15 points) Consider an economy in which the marginal product of labor MPN is MPN = 309 2N, where N is the amount of labor used. The amount of labor supplied, NS, is given by NS = 92 + 12w, where w is the real wage. a What are the equilibrium values of employment and the real wage? b. The government passes minimum-wage legislation that requires rms to pay a real wage greater than or equal to 8. What are the resulting values of employment and the real wage
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