Real wage rate (2002 dollars per hour 25 20 15 10 LD O 50 100 150 200 250 300 Labour (billions of hours per year) Figure 22.3.2 4) Refer to Figure 22.3.2. If the real wage was 10 dollars per hour, what would happen in this market? (3 Marks)5) Refer to Figure 22.3.2. a) If labour productivity increases due to the purchase of new capital equipment, what would be the impact on the production function? (3 marks) 4 b) If labour productivity increases, what would be the impact on the aggregate labour market in terms of labour hours and the equilibrium real wage rates? What would be the impact on real GDP? Fully explain your