# 1) Suppose the marginal product of labor in the economy is given by MPN = 0.005(18,000...

###### Question:

1) Suppose the marginal product of labor in the economy is given by MPN = 0.005(18,000 - .005N), while the supply of labor is 2000 + 1000w. (a) Find the market-clearing real wage rate and level of employment. (b) What happens to the wage rate and employment if wealth rises, reducing the supply of labor to 200 + 1000w?

2) Find the interest rate that clears the goods market of an economy that has has full-employment output of 5000. Government purchases are 1000. Desired consumption and desired investment are given by Cd = 3000 - 2000r + 0.10Y I d = 1000 - 4000r where Y is output and r is the expected real interest rate. Given your clearing real interest rate what is the amount of saving, investment, and consumption in equilibrium.

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