Let M = 36,k = 3,L^s = W/P,MPN = L^-1/2

question 26

Essay

Let M = 36,k = 3,L^s = W/P,MPN = L^-1/2 and Y = 2L^1/2.Calculate the labor demand curve,the aggregate demand curve,and the equilibrium values of the real wage,labor,output,and the price level.

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Definitions:

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