Assume that the marginal product of labor is given by the following expression: MPL = 52/L0.3 (L
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Assume that the marginal product of labor is given by the following expression: MPL = 52/L0.3 (L is measured in millions).
a) What is the marginal product of labor when L = 80 million?
b) Determine the equilibrium real wage if the labor supply equals 100 million workers (L̅ = 100).
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a Marginal product of labor when L 80 million The marginal product of labor MPL is the additional ou...View the full answer
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