Suppose there are 100 firms in the economy let us call them, Econometrics

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Suppose there are 100 firms in the economy let us call them

Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, ..., and firm 100. For firm j (j=1,2,...,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the whole economy is Nd = N1 + N2 + ... + N100 .
Also suppose the labor supply function for the whole economy is Ns = 40 + 3w .

.a) Find the labor demand function for the whole economy.

.b) Find the equilibrium wage and equilibrium employment in the whole economy.

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Econometrics: Suppose there are 100 firms in the economy let us call them

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Econometrics: Suppose there are 100 firms in the economy let us call them

Reference No:- TGS0569162

Have a Question? (oR Write a Review)

Recent Questions Asked Econometrics

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Request for Solution File

Ask an Expert for Answer!!

Econometrics: Suppose there are 100 firms in the economy let us call them

Reference No:- TGS0569162

Recent Questions Asked Econometrics

Q : How do you create a class named commission that includes

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Q : Solve the following logcal problems a 10110001 or 00011010

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