Q3C: Draw a price setting curve for a firm in the case that the change in output grows at a slower rate than that of lab

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Q3C: Draw a price setting curve for a firm in the case that the change in output grows at a slower rate than that of lab

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Q3c Draw A Price Setting Curve For A Firm In The Case That The Change In Output Grows At A Slower Rate Than That Of Lab 1
Q3c Draw A Price Setting Curve For A Firm In The Case That The Change In Output Grows At A Slower Rate Than That Of Lab 1 (21.92 KiB) Viewed 107 times
Q3C: Draw a price setting curve for a firm in the case that the change in output grows at a slower rate than that of labour and locate a point on this price setting curve such that а the rate of change in nominal wages is the same as the rate of change in prices. What are the policy implications in such a situation? If the country finds itself in a place other than this point, what kind of situation will arise? Demonstrate your reasoning on a diagram. (12 Marks)
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