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masha68 [24]
3 years ago
6

Use the information in the schedules above to draw this​ economy's production function. Label it. Draw a point to show equilibri

um employment and potential GDP. At the​ full-employment quantity of​ labor, the real wage rate is ​____$ an hour.

Business
1 answer:
algol133 years ago
5 0

Answer:

The information in the schedules can be found on this link:

https://www.google.ch/search?q=%22production+function+and+demand+for+labor+schedules%22&hl=en&tbm=isch&source=iu&ictx=1&fir=Q9NxFXsgg-TLAM%253A%252C3Ii2VLpJgT9QqM%252C_&vet=1&usg=AI4_-kT1RugPPWJXULztRybSitHwqJnmQg&sa=X&ved=2ahUKEwjV-vf__eXmAhUDvVkKHYsSDh8Q9QEwCHoECAoQDA#imgrc=_&vet=1

There is a federal agency in the legislative branch of the US Government that makes economic information available, that agency is <em>"The Congressional Budget Office"</em>, which inspects and breaks down the distribution of income in the country and how it changes over time.

The <em>GDP</em> is the value of goods and services produced in a year; the production function is the relationship between GDP and labor, where <em>labor supply</em> is wage rate and labor hours at such wage rates and the combination of wage rates and labour hours determines the <em>labor demand</em>. With the info provided in the example, the real wage rate would be <em>$2 an hour</em>.

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