Routines are an important explanatory element of evolutionary economics. Nelson and Winter note that the roles played by routines include:
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ECON 320 Exaam I willl send pic.65% mc 35 %written. check ttachment. send hanshake too be considered
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Real wage rate (2007 dollars per hour) 15 20 25 30 35 Quantity of labour demanded (billions of hours per year) 70 60 50 40 30 Quantity of labour

60

The tables show the labour market and the aggregate production function schedule for the country of Pickett. Plot both the aggregate labour market and aggregate production function. Using these graphs, show the equilibrium real wage and quantity of labour. At the equilibrium in the labour market, what would be the level of real GDP associated with that equilibrium? Explain why the equilibrium in the labour market can be used to find the level of real GDP.

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