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Unformatted text preview: o It is the wage rate expressed in terms of output o Sometimes the real wage is described as the number of units of output an hours worth of work can buy Example o Suppose a firm makes widgets o If W = $20 per hour and P = $10 per widget o The real wage w = 2 widgets per hour...
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This note was uploaded on 07/12/2010 for the course ECON 202 taught by Professor Angelatrimarchi during the Spring '10 term at Waterloo.
- Spring '10