5. (20 Points) Given the following production function: eY=LK where Y is output, L is labor, and K is capital (a) (4 Points) Solve for Y. 2 (b) (4 Points) Simplify the equation to be a linear combination of the variables and parameters. For example, a linear combination of x and y would be any expression of the form x+y where and are constants/parameters. (Hint: use properties of logarithms). (c) (4 Points) Find LY. (d) (4 Points) Find the average production function with respect to labor (LY) (e) (4 Points) Find the elasticity YL. (Hint: in the multivariable case where z=z(x,y),zx=xzxz) 5. (20 Points) Given the following production function: eY=LK where Y is output, L is labor, and K is capital (a) (4 Points) Solve for Y. 2 (b) (4 Points) Simplify the equation to be a linear combination of the variables and parameters. For example, a linear combination of x and y would be any expression of the form x+y where and are constants/parameters. (Hint: use properties of logarithms). (c) (4 Points) Find LY. (d) (4 Points) Find the average production function with respect to labor (LY) (e) (4 Points) Find the elasticity YL. (Hint: in the multivariable case where z=z(x,y),zx=xzxz)