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Explain what an increase in capital

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1. Draw the circular flow complete with all leakages and injections. Explain how the leakages get injected back into the economy.

2. Says law says? Do you agree or disagree with Jean? (Jean Baptiste Say) EXPLAIN. (hint...loanable funds market)

3. How are the production function graph and labor supply graph related in the classical model? Draw them together - either side by side or one above the other and EXPLAIN.

4. State two ways the labor supply curve shifts to the right. Explain and how each way impacts the output, productivity, and standard of living in the economy? Include the formulas for productivity and standard of living in your answer.

5. Explain what an increase in capital and/or technology does to wages, equilibrium full employment, productivity, and standard of living. Show this shift in a production function graph and labor supply graph drawn together one above the other. (page 239 and 243 will be helpful)

6. When more people enter the workforce productivity goes _____(up or down.) Is this a good thing or not? Explain. (hint... population)

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This paper is completed in 300 words in which we have explained circular flow of lekages and injections, agree and disagree with jean, the production function and labor supply graph related in classical model, two ways the labour supply curves, productivity of a country in terms of GDP and the workforce of productivity.

Reference no: EM131344718

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Reviews

inf1344718

1/9/2017 3:19:44 AM

Thank you very much, I just wanted to confirm that the work is plagiarism free? Oh sorry I did not check the turnitin report. thanks for great work. Much obliged to you such a great amount for conveying my task appropriate on time and for your administration. Everlastingly appreciative.

len1344718

1/7/2017 12:18:33 AM

I could use the answers for these problems by tonight or tomorrow morning latest. Any help is appreciated. Thank you.When more people enter the workforce productivity goes _____(up or down.) Is this a good thing or not? Explain. (hint... population)

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