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Macroeconomic It is a 3 part question The tables set out information about the economy of Athabasca. Table 1 Production Function Labor hours Real GDP

Macroeconomic It is a 3 part question

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The tables set out information about the economy of Athabasca. Table 1 Production Function Labor hours Real GDP Calculate the quantity of labor employed, the (millions) (millions of 2012 dollars) real wage rate, and potential GDP. 14 27 The quantity of labor employed is A W N million 39 hours. 50 60 Table 2 Labor Market Real wage Quantity of Quantity rate labor demanded sup (2012 dollars per hour) (millions of hours per y 14 13 12 UI AWN 11 10

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