3. We will derive the AS-AD curve when there is technological progress. Suppose that the production function is given Y = AN: . What is the marginal cost of the firm to produce an additional unit of output? Explain • Assume firms set a markup over the marginal cost. Give the Price setting relation. Explain . Suppose that the wage setting relation is given by W = A Pe F(u, 2), where A is expected productivity. Give the equilibrium condition for the labor market

3. We will derive the AS-AD curve when there is technological progress. Suppose that the production function is given Y = AN: . What is the marginal cost of the firm to produce an additional unit of output? Explain • Assume firms set a markup over the marginal cost. Give the Price setting relation. Explain . Suppose that the wage setting relation is given by W = A Pe F(u, 2), where A is expected productivity. Give the equilibrium condition for the labor market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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