09-03-2009 113624 PM - aboy^equation L L c Which of the...

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n. In a simplified situation, we can express the GDP accounting equation in terms of a single factor of production - labour. Letting L be the labour force and E be the level of employment. a. Derive the following GDP accounting equation GDP = L * (E/L) * (GDP/E) from GDP=GDP. b. Interpret each of the three components
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Unformatted text preview: aboy^equation. L \ L c. Which of the components in the above equation can be used to explain short run economic fluctuation, and which can be used to explain long pafi changes in output? (L ) "'-; ' ^ * 6?pP _£l c L *...
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