What is the quantity of labor employed, potential GDP, the real wage rate, and total labor income?
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The two tables set out information about the economy of Nautica. Use this information to work Problem.
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Labor market Production function Labor hours (per day) Real GDP Real wage rate per hour) (2009 dollars per year) Quantity of Quantity of (2009 dollars labor demanded labor supplied (hours per day) 10 20 30 40 00 50 40 30 20 10 1.00 0.80 20 30 40 180 240 0.60 280 0.40
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