Solved: What are the endogenous variables in the labor market model, Macroeconomics

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What are the endogenous variables in the labor market model

Problem

The labor market model (I): Suppose the following equations characterize supply and demand in the labor market model:

labor supply: Ls = 2 × w + 30

labor demand: Ld = 60 - w

Equilibrium occurs at an employment level L* and a wage w*, so that the labor market clears. That is, supply is equal to demand: Ls = Ld.

(a) What are the endogenous variables in the labor market model?

(b) Solve for the equilibrium values of these endogenous variables.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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