Question: Solve clearly 6. Assume that the production function is equal to Y = AK-'L'. Let A = 1 and K - 500. a. What is

Solve clearly

6. Assume that the production function is equal to Y = AK-'L'. Let A = 1 and K - 500. a. What is the marginal product of labor when the number of workers increases from 1,000 to 1,001? b. Suppose instead that A= 1 and K = 1,000. What is the marginal product of the 1,001th worker in this case? c. Based on your answers to parts a and b, what effect does an increase in capital have on the real wage? d. What is labor's share of output in this example

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