Question: may be reasonable, while the latter two are not Exercise 2. A partial/general equilibrium efficiency wage model In this exercise an efficiency wage model with

may be reasonable, while the latter two are not Exercise 2.

may be reasonable, while the latter two are not Exercise 2. A partial/general equilibrium efficiency wage model In this exercise an efficiency wage model with one firm and a given revenue curve is considered. This is like in a partial equilibrium model. However, one should think of the firm as representative, and therefore general equilibrium effects can be brought into the analysis. The representative firm has a revenue function, zR(al), with notation and assumptions as in Section 11.2, and an efficiency function: w'-" 05n

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