Economics (MindTap Course List)
Economics (MindTap Course List)
A change in the labor market can change the equilibrium amount of labor employed, thus leading to a change in Real GDP and to a shift in the LRAS curve. Show this sequence of events diagrammatically.
Impact of change in the labor market on GDP and long run aggregate supply curve (LRAS).
Figure 1 shows the change along the production function in the labor market and thereby shift in the LRAS curve.
Figure 1
In Panel (a), the horizontal axis indicates the number of labors and the vertical axis indicates the real GDP. Production function shows the output or real GDP, which depends on inputs such as labor (L), capital (K), and technological coefficient. In Panel (a), the number of labor employed increases from L1 to L2...
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