Assume that the aggregate production is given by the following: Y = K”(AN)3L1-“-F Y stands for output, K stands for the capital stock, N stands for…

Basically I Need help answering the 4 parts of this macroeconomic question and answers explaining each part, thanks !

Assume that the aggregate production is given by the following:Y = K“(AN)3L1-“-F Y stands for output, K stands for the capital stock, N stands for the number of the peopleemployed, L stands for the quantity of land used in production, and A stands for a measureof labour efficiency. a: and 3 are parameters whose values are between 0 and 1. a) Derive an analytical expression for the marginal product of capital (MPK), marginalproduct of labour (MPN), and marginal product of land (MPL). Show analytically thatthe MPK, MPN and MPL exhibit diminishing marginal returns by examining thesecond derivative of the production function. h) Assume that a = ,6 = i; K = 125, L = 64 andA = 8. Find the expression for thelabour demand (N ‘1). Now assume that the labour supply is given by the following: NIH N 5 = wwhere W is the real wage rate. c) What are the equilibrium levels of the real wage rate, employment and the total output(Y)- d) Suppose labour efficiency declines to A = 1,what happens to the equilibrium levels ofthe real wage rate, employment and the total output (1″) compared to part (c).

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10