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QUESTION
Practice Exercises 2.1 Suppose the marginal product of labor for unskilled labor is given by MPN=200-0. The supply of unskilled labor is given by...
2. Practice Exercises 2.1 Suppose the marginal product of labor for unskilled labor is given by MPN=200-0.5N. The supply of unskilled labor is given by 100+4w. What is the labor and real wage in equilibrium? Now assume that the government imposes a minimum wage of 80. How much unemployment will this create among unskilled labor?
