Illustrate the long run and short run on the same diagram

Reference no: EM131072199

Consider the foregoing problem in a long run context, when the fraction of the labour force that is high-skilled is more elastic with respect to the premium. Let this long-run relative supply function be W = 100×0.4× f .

(a) Verify that this long run function goes through the same equilibrium as in the preceding question.

(b) Illustrate the long run and short run on the same diagram.

Reference no: EM131072199

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