Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
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).
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.
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
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
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
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
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