Question: Based on Blanchard's WS-PS model. a) Specify and explain the wage setting relationship (WS) in the model. b) Specify and explain the pricing relationship (PS)

Based on Blanchard's WS-PS model.

a) Specify and explain the wage setting relationship (WS) in the model.

b) Specify and explain the pricing relationship (PS) in the model.

c) Illustrate the curves in a figure and explain what determines equilibrium unemployment.

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