Find the real wage of labor

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Reference no: EM131170628

The Cobb-Douglas Production function is Given as:

Q=AK^1-aL^a

Where 0<a<1 a=.75, K=4 is the amount of capital, and L=16 is the amount of labor, and A=12 is the measure of TECHNOLOGY INDEX

a) Find the real wage of labor (marginal product of labor), W/P

b) Find rate of return of capital (marginal product of capital), and

c) Discuss the insights of your findings.

Reference no: EM131170628

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