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a. The labor supply function is given by N=1000+12w and labor demand is N=2000-8w. Find the equilibrium level of employment and wage.
b. Given existing technology and the capital stock, output is given by the function Y=100N. Does the function exhibit diminishing marginal product of labor?
c. Using the labor market from part (a) and the production function from part (b), determine the equilibrium level of output for this economy.
The optimal number of traffic deaths in the United States is zero." "Any pollution is too much pollution." "We cannot pull U.S. troops out of Afghanistan. We have committed so much already."
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Assume the monopoly sells its goods in two different markets esparated by some distance. The demand curve in the first market is given by Q1=55-P1,and demand curve in second market is given by Q2=70-2P2.
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