Suppose the economy of Hawkland is initially at full employment. Currently real GDP is $20 trillion, the price level is 120, the money wage is $36/hour, the full employment quantity of labor is 300 billion hours per year, and the current unemployment rate is 6% Draw a fully labeled graph depicting the aggregate labor market in Hawkland.Be sure to label all axes and include numerical values for variables on the axeswhere relevant. Provide a brief explanation to the side and show any necessary calculations.Label any relevant curves with a zero subscript (ex: LS0) and use a zero in a circle to clearly label the initial equilibrium. Part 2- Draw a fully labeled graph depicting the aggregate goods and services market in Hawkland.Be sure to label all axes and include numerical values for variables on the axes where relevant. Provide a brief explanation to the side and show any necessary calculations.Label any relevant curves with a zero (0, for ex: AD0) and use a zero in a circle to clearly label the initial equilibrium.
I need some help figuring out how to draw these graphs. Thank you
Suppose the economy of Hawkland is initially at full employment. Currently real
Draw a fully labeled graph depicting the aggregate labor market in Hawkland.Be sure to label all axes and include numerical values for variables on the axeswhere relevant. Provide a brief explanation to the side and show any necessary calculations.Label any relevant
Part 2- Draw a fully labeled graph depicting the aggregate goods and
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
