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QUESTION 16 Suppose the wage setting equation is given by: W = Pe(1 5u + z), where u is unemployment rate and z is the unemployment benet. Firms set their prices according to: P = (1 + m) W, where m is the mark-up over costs. Assume that the current mark-up is 20% and the unemployment benet (captured by the term 2) is 0.2. (a) Determine the real wage as determined by the price setting equation and expected real wage as determined by the wage setting question when unemployment rate is 5%. (2 marks) (b) Solve for the natural rate of unemployment. (2 marks) (0) What will the new natural rate of unemployment be if 2 falls 'om 0.2 to 0.1? (2 marks) (d) Briey discuss the factors that may affect a worker's bargaining power over his/her wages. (2 marks)