Suppose that the government introduces a minimum wage of $0.80 an hour. What is the real wage
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The two tables set out information about the economy of Nautica. Use this information to work
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Production function Labor market Labor hours Real GDP (2009 dollars per year) Real wage rate Quantity of Quantity of (per day) (2009 dollars labor demanded labor supplied (hours per day) 50 40 30 20 per hour) 1.00 10 20 30 40 10 20 30 40 100 180 240 0.80 0.60 0.40 280
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