Find real wage-output and unemployment

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Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2 . The turnover cost per labor is (0.36)/(w/p).

Find real wage, employment, output and unemployment in this economy.

Reference no: EM13837878

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