What is the total amount of output paid to labor

Reference no: EM13224102

Suppose that the production is given by Y=A*K^0.5*L^0.5, where Y is GNP, K is capital stock and L is labor. Initially A is equal to 10. If capital is 100 and labor is 400, what is:

a.The total amount of output paid to labor?

b. The total amount of output paid to capital?

c. The fraction of income paid to labor?

d. The real wage of labor?

Reference no: EM13224102

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