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where W is the nominal wage, z is a positive coefficient representing all the other variables that affect positively the outcome of wage setting, P

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where W is the nominal wage, z is a positive coefficient representing all the other variables that affect positively the outcome of wage setting, P is the price level (the price is constant) and u the unemployment rate (all the percentage are converted into decimal in the equations). a. Use the price setting equation to calculate the real wage. W/P=1/(1+/) real wage = 83

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