A the labor supply function is given by n100012w and labor, Ask an Expert

Economics

a. The labor supply function is given by N=1000+12w and labor demand is N=2000-8w. Find the equilibrium level of employment and wage.

b. Given existing technology and the capital stock, output is given by the function Y=100N. Does the function exhibit diminishing marginal product of labor?

c. Using the labor market from part (a) and the production function from part (b), determine the equilibrium level of output for this economy.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91421523

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