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Elucidate the impact of an upward shift of a production function on real salary rate and the equilibrium quantity of labor, equilibrium quantity of goods and rate of interest.

Assume an economy only produces a single consumption good. Consider a permanent upward shift of a production function. Graphically illustrate the effects on each of the following:

1.The real wage rate and the equilibrium quantity of labor.

2.The equilibrium quantity of goods and rate of interest.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922436

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