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Use the figure below to answer the following question Real wage rate (2002 dollars per hour) 25 20 15 10 5 50 100 150 200
Use the figure below to answer the following question Real wage rate (2002 dollars per hour) 25 20 15 10 5 50 100 150 200 250 300 Labour (billions of hours per year) Figure 22. 3 . 2 (Refer to Figure 22. 3. 2 . If the real wage was 20 dollars per hour , what would happe 5) Refer to Figure 22. 3. 2 a)If labour productivity increases due to the purchase labour and h how would the production function change? b)If labour productivity increases, what would be the i hours p per year? What would be the impact on real GDP
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