GDP deflator and wage rate?

____________
L .. RGDP .MRPL
____________
1 ..... 38 .... 38
2 ..... 54 .... 16
3 ..... 69 .... 15
4 ..... 80 .... 11
5 ..... 90 .... 10
6 ..... 98 ..... 8
7 .... 104 ..... 6
8 .... 108 ..... 4
____________

_____________
W/P .Qd .. Qs
_____________
3 ..... 8 ..... 4
5 ..... 7 ..... 5
7 ..... 6 ..... 6
9 ..... 5 ..... 7
11 .... 4 ..... 8
13 .... 3 ..... 9
15 .... 2 .... 10
17 .... 1 .... 11
_____________

RGDP - real GDP
MRPL - marginal revenue product of labor
L - quantity of labor
Qs - quantity of labor supplied
Qd- quantity of labor demanded
P - price level
W - nominal wage
W/P - real wage

First thing to note is Qs=Qd=6 (always),
and Real wage = constant = W/P= 7
Thus RGDP = constant = 98

Deflator=120 → P=1.2 → W/1.2=7 → W=7*1.2= 8.4
Deflator=130 → P=1.3 → W/1.3=7 → W=7*1.3= 9.1

It all true for discrete statical economy and rational expectations.

$a million.60 an hour, which grew to change into into also the minimum gross sales at that ingredient. My toddlers continuously ask, "Why did you even project?" i might want to favor to inform them that then you definitely might want to stay to inform the tale that quantity. That grew to change into into 1968. gasoline grew to change into into about .25 a gallon and employ grew to change into into $50 a month for an accepted position.

You're doing the Principle of Macroeconomics at Adelaide Uni arn't you? If you're having trouble with something, like this question, email John.