In the production function Real GDP = T (L, K, NR, H), the T represents the _____________ coefficient, the L represents ________________, the K represents _______________, the NR represents natural resources, and the H represents ________________

Graphically illustrate (using the WS and PS relations) and explain the effects of a reduction in the markup on the equilibrium real wage, the natural rate of unemployment, the natural level of employment, and the natural level of output

What will be an ideal response?

Georgia has a MU/P of 10 for tennis lessons, a MU/P of 6 for sewing lessons, and a U/P of 2 for cooking lessons. In order to maximize utility, she should:

a. take more cooking lessons. b. take more sewing lessons. c. take more tennis lessons. d. stay with her current choices. e. take fewer lessons of each choice.