Consider a production function for an economy: Y=20(LKN) where L is labor, K is capital, and...

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Consider a production function for an economy: Y=20(L³K¹N¹) where L is labor, K is capital, and N is land. In this economy the factors of production are in fixed supply with L = 100, K = 100, and N = 100. a) What is the level of output in this country? b) Does this production function exhibit constant returns to scale? Demonstrate by example. c) Find the marginal product of labor. Does it exhibit the diminishing returns? Explain why and show your work. d) Find the marginal product of capital. Does it exhibit the diminishing returns? Explain why and show your work. e) If the economy is competitive so that factors of production are paid the value of their marginal products, what is the share of total income that will go to land? Consider a production function for an economy: Y=20(L³K¹N¹) where L is labor, K is capital, and N is land. In this economy the factors of production are in fixed supply with L = 100, K = 100, and N = 100. a) What is the level of output in this country? b) Does this production function exhibit constant returns to scale? Demonstrate by example. c) Find the marginal product of labor. Does it exhibit the diminishing returns? Explain why and show your work. d) Find the marginal product of capital. Does it exhibit the diminishing returns? Explain why and show your work. e) If the economy is competitive so that factors of production are paid the value of their marginal products, what is the share of total income that will go to land?

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a What is the level of output in this country We have our production function Y20L05K04L01 We also g... View the full answer