Real wage in a competitive equilibrium

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Reference no: EM13832826

For the closed-economy, one-period model, suppose that U(C,I) = In C + βl, and F(K,N)= ZK^(a)N^(1-a), where β>0 and 0<a<1. Determine consumption, employment, output, leisure, and he real wage in a competitive equilibrium and explain your solution.

Reference no: EM13832826

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