If the labor force participation increases, explain how employment, the real wage rate, and potential GDP change.
Question:
Use the information set out in the tables above about the economy of Athabasca to work this Problem.
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Production function Labor hours (millions) Labor market Real GDP (millions of 2009 dollars) Real Quantity of Quantity of (millions of hours per year) wage rate (2009 dollars labor demanded labor supplied per hour) 10 10 19 27 34 40 4 4 6.
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