Consider an economy with the production function y l13a, Microeconomics

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Consider an economy with the production function y l13a

Consider an economy with the production function Y = 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 curvefor this example? What is the price level? What is the nominal wage level?

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Microeconomics: Consider an economy with the production function y l13a

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Microeconomics: Consider an economy with the production function y l13a

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