01 Jun Question 1. Consider two competitive economies that have the same quantities of
Question
1. Consider two competitive economies that have the same quantities of labor (L = 400) and capital (K = 400), and the same technology (A = 100). The economies of the countries are described by the following Cobb-Douglas production functions:
Economy E: Y = 10L2/3K1/3
Economy W: Y = 10L1/3K2/3
1. Which economy has the larger total production? ____________
2. What is the total production for the larger economy ________
3. In which economy is the marginal product of labor larger?
4. What is the Marginal Product for the economy which has the larger Marginal Product of labor______
5. In which economy is the real wage larger? _________________
6. In which economy is the labor’s share of income larger? __________________
7. How much is the total labor share for the economy with the larger labor share ______________
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