DRAW A GRAPH. WITHOUT GRAPH THUMBS DOWN! Suppose the markup of goods prices over marginal cost is 2% and the wage-setting equation is W=P(1-u) with u being the unemployment rate. 1. What is the Natural level on Unemployment? 2. What is the real wage as determined by the price setting equation? 3. If the markup increases to 2.5% due to an increase in the price of Oil what happens to the natural rate of employment? Explain briefly and graphically this change.

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