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).
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Teacheronhelp is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order formOnce we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignmentAs soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download