Find all of pairs (yh , yl) that can occur in this economy

Reference no: EM131250606

Consider an economy like the one above, except that the wages paid in the high-wage industry fall as the number of workers in that industry rises. In particular, assume that each worker's wage income is

where p is again the fraction of workers in that industry. The wage income of low-wage workers continues to be fixed at $4. Find all of the pairs (yH , yL) that can occur in this economy.

Reference no: EM131250606

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