In a competitive economy, firms pay a real wage (W/P) equal to the marginal product of labor (MPL) and a real rental rate (R/P) equal to the marginal product of capital (MPK). Note that the total income of labor is equal to the product of the real wage and the total quantity of labor employed. Likewise, the total income of capital is equal to the product of the real rental rate and the total quantity of capital employed. Use this information to answer the following questions. a. The marginal product of labor (MPL) can be expressed as and the marginal product of capital (MPK) can be expressed as .

hello your question has some missing information attached below is the missing information

answer :

MPL = ( 1 - ∝ ) Y/L

MPK = ( ∝ ) Y/K

Explanation:

Given that : y = AK^∝ L^1-∝

The marginal product of labor can be expresses as :

MPL =   dy/dL = AK^∝ ( 1 - ∝ ) L^ 1-∝-1

         = ( 1 - ∝ ) [ A K^∝ L^-∝ ]

hence MPL = ( 1 - ∝ ) Y/L

The marginal product of capital can be expressed as :

MPK = A ∝ K^∝-1  L^ 1-∝

        = ∝/K [ A k^∝ L^1-∝

        = ∝/K * Y ∴ MPK = ( ∝ ) Y/K

the answer would be voluntary exchange -

"the act of buyers and sellers freely and willingly engaging in market transactions. moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred."

hope this : )

-shy