Consider an economy with the production function y l13a, 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 curvefor this example? What is the price level? What is the nominal wage level?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91519250

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