Economics A model of wages and prices is presented W₁ = a +a,P,+ a₂Q₁ + ₂ P = B + BW + B₂Y + ₂ Where W is the wage rate, P is the price indicator, Q is the product, Y is the income -Establish what type of multiequational model it is -Indicate the endogenous and exogenous variables -Construct the synthetic version of the reduced form of the model. -Identify the system using the exclusion technique. Conclusion?

Economics A model of wages and prices is presented W₁ = a +a,P,+ a₂Q₁ + ₂ P = B + BW + B₂Y + ₂ Where W is the wage rate, P is the price indicator, Q is the product, Y is the income -Establish what type of multiequational model it is -Indicate the endogenous and exogenous variables -Construct the synthetic version of the reduced form of the model. -Identify the system using the exclusion technique. Conclusion?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.12P

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