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Posted by on Sunday, March 27, 2011 at 10:09pm.

Consider an economy with the production function 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 wage?

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