econ question

02 Equilibrium in the consumption-labor choice model 4 Points Recall that equilibrium in the static consumption-labor choice model is given by the following ve equations: Y = AKQLl-a E = aAK'a'lLl'\" % = (1 a)AK'\"L\"1 R/P - L = l1 0 (wu) Kl Y = 0 Suppose a = 0.35, A = 1, K = 2, 000, 000, and N = 1, 000,000. Answer the following. 02.1 1 Point In the US, average worker allocates about one~third of their time to the labor force. Find the value of go so that L/N = 1/3. Use this number for other parts of this question. Round your answer to at least three decimal places. Enter your answer here Save Answer 02.2 1 Point Compute the equilibrium quantity of output Y for the economy. Round your answer to at least three decimal places. Enter your answer here 02.3 1 Point Compute the equilibrium real wage W/P for the economy. Round your answer to at least three decimal places. Enter your answer here Save Answer 02.4 1 Point Compute the equilibrium real rental rate R/P for the economy. Round your answer to at least three decimal places. Enter your answer here