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image (Production (Y = AF(K,N) (Graph (:small_red_triangle:Y/ :small_red…
Production
Determination
Quality
Quantity
K
L :explode:
Y = AF(K,N)
L=Labor
K=Capital
Y=Output
A=Productivity (TFP)
Graph
:small_red_triangle:Y/ :small_red_triangle:L = MPL
:small_red_triangle:Y/ :small_red_triangle:K = MPK
Supply Shock
TP Shift
Labor Demand
Demand
Benefit vs. Cost
Cost
W/P
Benefit
MRPL
P x MPL/P
MRPL = P x MPL
