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Rate of unemployment, real wage, WS and PS relation

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June 18th, 2023

Suppose that the firm’s markup over cost is 3%, and the wage-setting equation is W = P(1-u+z), where u is the unemployment rate and z is equal to 0.05.
(a) What is the real wage as determined by the price-setting equation. What is the natural rate of unemployment?
(b) Using the WS and PS relation, graphically illustrate the effect of an increase in markup on the equilibrium real wage and the natural rate of unemployment.

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