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Macroeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617390

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BuyFindarrow_forward

Macroeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617390
Chapter 8, Problem 15QP
Textbook Problem
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Explain how each of the following will affect short-run aggregate supply:

a. An increase in wage rates

b. A beneficial supply shock

c. An increase in the productivity of labor

d. A decrease in the price of a nonlabor resource (e.g., oil)

(a)

To determine

Estimate the effect on short run aggregate supply if wage rate increases.

Explanation of Solution

If the wage rate increases in the market, the Real GDP can be produced at a higher price level...

(b)

To determine

Estimate the effect on short run aggregate supply if there is beneficial supply shock.

(c)

To determine

Estimate the effect on short run aggregate supply if there is an increase in the productivity of labor.

(c)

To determine

Estimate the effect on short run aggregate supply if there is a decrease in the non labor productivity.

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