1. suppose the marginal product of labor in the economy is given by mpn-0.00216,000 n), while the supply of labor is 1000 + 1000w. that is, n-1000+1000w (a) find the equilibrium real wage rate (w) and level of employment (n) (hint: w mpn and labor demand (nd) labor supply (ns) at a labor market equilibrium) (b) what happens to the wage rate (w) and employment (n) if wealth rises, reducing the supply of labor to 500+ 1000w? (c) what happens to the wage rate (w) and employment (n) if after wealth has risen as in part (b), there is a productivity shock that increases the marginal product of labor to mpn = 0.0025( 16,000-m? 2. a country has the per-worker production function 0.5 where y is output per worker and k is the capital-labor ratio. the depreciation rate is 0.1 and the population growth rate is 0.1. the saving function is where st is total national saving and yt is total output. (hint: in a steady-state, , and y fk) where n: population growth rate, and d: depreciation rate) (a) what is the steady-state value of capitallabor ratio? (b) what is the steady-state value of output per worker? (c) what is the steady-state value of consumption per worker? 3. a country has the per-worker production function 0.5 where y is output per worker and k is the capital-labor ratio. the depreciation rate is 0.1 and the population growth rate is 0.1. the saving function is where st is total national saving and yt is total output. (hint: in a steady-state, , and y fk) where n: population growth rate, and d: depreciation rate) (a) what is the steady-state value of capitallabor ratio? (b) what is the steady-state value of output per worker? (c) what is the steady-state value of consumption per worker?