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The first table describes an economy's labour market in 2017 and the second table describes its production Real wage rate function in 2017. (2007 dollars
The first table describes an economy's labour market in 2017 and the second table describes its production Real wage rate function in 2017. (2007 dollars Labour hours Labour hours per hour) supplied demanded What are labour productivity and potential GDP in 2017? 120 75 25 105 70 30 . . . 90 65 35 75 60 40 60 Potential GDP is $ 55 45 45 50 50 30 45 55 Labour productivity is $ 58.3 per hour of labour. Real GDP Labour hours (2007 dollars) 25 1,425 30 1,800 35 2, 125 40 2,400 45 2,625 50 2,800 55 2,925 60 3,000
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