81 F Mostly sunny Page 1 c. Assume that the Covid-19 pandemic reduces the labor force to L = 81 and makes consumers cautious so that the new consumption function is C = 240 + 0.8(YT). Solve for the new real GDP level, marginal product of capital, marginal product of labor. Find the equilibrium real interest rate and show the shifts in the goods & service market. Q Search hp

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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81 F
Mostly sunny
Page 1
c. Assume that the Covid-19 pandemic reduces the labor force to L = 81 and makes consumers
cautious so that the new consumption function is C = 240 + 0.8(YT). Solve for the new real
GDP level, marginal product of capital, marginal product of labor. Find the equilibrium real
interest rate and show the shifts in the goods & service market.
Q Search
hp
Transcribed Image Text:81 F Mostly sunny Page 1 c. Assume that the Covid-19 pandemic reduces the labor force to L = 81 and makes consumers cautious so that the new consumption function is C = 240 + 0.8(YT). Solve for the new real GDP level, marginal product of capital, marginal product of labor. Find the equilibrium real interest rate and show the shifts in the goods & service market. Q Search hp
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