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could you please help me with these questions and explain why? 3. Suppose that the demand and supply for labor in the car industry is
could you please help me with these questions and explain why?
3. Suppose that the demand and supply for labor in the car industry is given by: Ld = 72 5111 L8 2 3w a) (3 Points) Mathematically derive the equilibrium (111* and L*) if we assume a perfectly competitive labor market. b) (3 Point) Mathematically derive the economic rent earned by the workers.c) (3 Point) Is the economic rent found in b) the maximum economic rent that the workers could achieve? WhyStep by Step Solution
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