What is the answer for parts 1-4? with work

+ 214-ECO-305-SECO1-40781/Exam2.pdf 1/2 - 100% + Consider a static (one-period) economy. The technology that transforms labor NV into output Y is given by Y = =NoKI-" with 0 1 and A > 0 are constants. Individuals are endowed with 1 unit of time. 1. Write down the firm's maximization problem and find the optimal labor demand of the firm as a function of w, K, a, and z. Denote the labor demand by Nd. 2. Assuming that z = 1.5, K = 20, and a = 0.6, compute No when w = 1. Show all intermediate steps for partial credit. 3. Now plot the labor demand, making sure to label your axis and being as precise as possible (for example, show the point where w = 1 computed before). Feel free to draw it by hand or use Excel to do this. 1. Write down the maximization problem of consumers, specifying what are the endoge- nous and what are the exogenous variables. Find the optimal labor supply of the household and denote it by no. What is a" a function of? How does this compare with the bandmark cass discussed in died