Question: 4- Assume that the production function iz given by Y = AK0.3L0.5, where Y 1s GDP, K 15 capital stock, and L 1s labor. The

4- Assume that the production function iz given by Y = AK0.3L0.5, where Y 1s GDP, K 15 capital stock, and L 1s labor. The parameter A 1s equal to 10. Assume also that capital 15 100, labor 15 400, and both capital and labor are paid for their marginal products. a. What s Y7 b. What 1s the real wage of labor? c. What 1s the real rental price of capital (the amount of output paid per unit of capital)

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