Production function for firm is Ys=ln(Ld) Utility function is U(Yd, Ld)= Ys+ln(1-Ls) 1) Write down maximization problem of firm and find labor demand…
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Production function for firm is Ys=ln(Ld)Utility function is U(Yd, Ld)= Ys+ln(1-Ls)1) Write down maximization problem of firm and find labor demand curve2) Write down maximization problem of household and find labor supply curve3) Write down market clearing conditions4) Calculate equilibrium employment and real wage5) If the price is equal to $2, what would be the nominal wage in equilibrium
