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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:Y = 10L2/3K1/3Economy W: Y = 10L1/3K2/3Which 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 ______________
1) Both the countries will have the same level of production given the two countries productionfunction (labour, capital and technology available).2) The total production in both the economy will…
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