Present a model of the labour market and use its equilibrium to derive an aggregate supply relation of the form y, = y* +8(p: - E-P), where 0

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24-05-2022
Business

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Present a model of the labour market and use its equilibrium to derive an aggregate supply relation of the form y, = y* +8(p: - E-P), where 0

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Tundexi Tundexi · Answer 1 · 2022-05-26T13:17:21+02:00

The model of labor market helps to understand the state of equilibrium and making a decision for labor demand and supply in an economy by firm.

What is the Model of labor market?

The model is created based on the supply and demand of labor, that is, the way at which the employees provide the supply and the employers provide the demand.

In economics, the labor market is at equilibrium if the supply=demand, that is, the E* workers are employed at a wage of w*.

Hence, the model of labor market helps to understand the state of equilibrium and making a decision for labor demand and supply in an economy by firm.