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Suppose the production function for an economy is Y=9K^0.5*N^0.5 With this production function, the marginal products of labor and capital are MPK=4.5 (N/K)^0.5 MPN=4.5 (K/N)^0.5 In the short run, the amount of capital stock is fixed at K=25. The labor supply curve is given as N^s=100 [ (1-t)w]^2 where is the fractional tax rate on wage income. Notice that this is now different from the lump ...
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