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6. Assume that the marginal product of labor is given by the following expression: MPL = 52 L0.3 (L is measured in millions). a) What
6. Assume that the marginal product of labor is given by the following expression: MPL = 52 L0.3 (L is measured in millions). a) What is the marginal product of labor when L = 80 million? b) Determine the equilibrium real wage if the labor supply equals 100 million workers 1L = 1002. 7
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Microeconomics Theory and Applications with Calculus
Authors: Jeffrey M. Perloff
3rd edition
133019934, 978-0133019933
