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Find the market-clearing real wage rate

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Reference no: EM132405936

1. Assume that the marginal product of labor in the economy is given by MPN = 200 - 0.5 N, while the supply of labor is 100 + 4w.

(a) Find the market-clearing real wage rate.

(b) What happens if the government imposes a minimum wage of 65? Is there involuntary unemployment?

2. Calculate the number of people who are employed when the labor force participation rate is 60%, there are 3 million people unemployed, and there are 30 million people not in the labor force?

Reference no: EM132405936

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