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{"ops":[{"insert":"1. \n(Capital and the Labour Market, Question with Mathematical) derivations). Consider our 4- quadrant model (for 1 sector only), take everything as standard there, but with the following particular specification : the production function is given by\n\n Y=AK"},{"attributes":{"script":"super"},"insert":"a"},{"insert":"L"},{"attributes":{"script":"super"},"insert":"1-a"},{"insert":", with 0 \u2264a\u22641\n\na.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Show graphically the equilibrium in the labour market, taking A, K as fixed and given.\nb.\u00a0\u00a0\u00a0\u00a0\u00a0Write down the key equation behind each quadrant.\nc. Suppose an interest rate change has the following two effects: K goes down (less capital is used in production and the MPL in quadrant- I still takes this now-lower quantity of K as given) and "},{"attributes":{"bold":true},"insert":"\u03b2 "},{"insert":"goes down. What happens to the equilibrium in the labour market, compared to (a)? (Illustrate graphically, if there any shift on the curve please explain).\u00a0\n\n\n\n\n\n"}]}

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