We know that the total production function of society is Y = KαLβ, α+β = 1. Try calculation:

匿名用户 最后更新于 2021-06-24 15:14 经济Economics

We know that the total production function of society is Y = KαLβ, α+β = 1. Try calculation:

(1) Labor demand function;

(2) labor supply function;

(3) Let α = β = 0.5, K = 500, W = 25, (W/P) = 1, write the aggregate supply function of Keynesian school and classical school. 

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