Consider an economy with the production function y l 13a, Ask an Expert

Economics

Consider an economy with the production function Y = L ^(1/3)

a) Derive the Labor demand Curve

b) If Labor supply curve is L^s = ( w/p ), calculate the equilibrium levels of real wage, labor and output.

c) Assume M^s = 45 and K = 3. What is the equation of the aggregate demand curve for this example? What is the price level? What is the nominal wage level?

d) Show equilibrium in labor market / output market / money market by using the graphical analysis of "The Complete Theory of Aggregate Demand and Supply"

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91407624

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