MACROECONOMICS (LL) W/CONNECT
21st Edition
ISBN: 9781264197149
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 6, Problem 2P
To determine
Glitter Gulch’s real output.
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Assume that aggregate demand curve can be
expressed by the following function: W = 55 - 3Q,
while the aggregate supply curve can be
expressed by the following function: W = 5+7Q.
Here W denotes wage level in thousand dollar and
Q denotes unit of labours in million people.
What is labour equilibrium wage level and units of
labour?
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