Business, 05.03.2020 23:01 asdf2342

Assume that the production function is given by Y = A K .4 L .6 Where Y = National Income = GDP, K = 100, L= 400 and A = 10. Assume that both capital (K) and labor (L) are paid their marginal products. a. What is National Income (Y)? b. Derive the equation for the marginal product of labor (MPL). c. What is the numerical value of the real wage rate? d. Derive the equation for the marginal product of capital (MPK). What is the numerical value of the real rental price of capital? e. Calculate total labor income and what share of output does this represent? f. Calculate total capital income and what share of output does this represent?

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Assume that the production function is given by Y = A K .4 L .6 Where Y = National Income = GDP, K =...

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