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Business, 19.07.2019 22:20 anonymous1813

Consider the information in the file named hw2 - production data for the economy. the file shows a part of the marginal-product function for a firm. the firm hires more that 90 workers. therefore, the file begins with the 91st worker to save space. the first 90 workers are already producing a total of 10,530 units of output. there are 100 such firms in the economy. all the firms are identical (to make our calculations less cumbersome). next, assume that the total number of people who are willing and able to work is 10,000. wages and prices are fully flexible downwards and upwards. no frictional or structural unemployment exist in the economy. in this economy, the equilibrium real wage equals 8.00 units and the equilibrium level of employment equals 100.00 persons. if it is not too much trouble, could you also verify that the potential gdp in this country is 10700.00 units?

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Consider the information in the file named hw2 - production data for the economy. the file shows a p...
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