may be reasonable, while the latter two are not Exercise 2. A partial/general equilibrium efficiency wage model In this exercise an efficiency wage model with one firm and a given revenue curve is considered. This is like in a partial equilibrium model. However, one should think of the firm as representative, and therefore general equilibrium effects can be brought into the analysis. The representative firm has a revenue function, zR(al), with notation and assumptions as in Section 11.2, and an efficiency function: w'-" 05n