Question

訪客

請問有人會這題嗎？

伙 Someeconomists believe thattheU.S.economy
whole can be modeled with the following prodl
function, called the Copp-Doujas prodidcfioj

YA4K1/3L2/3,

where Y is the amount of output, Kis the amount gf
capital. is the amount oflabor and AisapParaete
that measures the state of technology. For this Produetl
function, the marginal productoflabor is

MPL = (2/3) 4(K7DI公

Suppose that the price of outputPis2,4 83長自

1,000,000,and is 1000. The labor market 5 competitivez

so labor is paid the value ofits marginal product,

a. Calculate the amoutnt of output produced Y and the
dollar value ofoutputPy

b. Calculate the wage Wand the real wage W/P. (Notes
The wage is labor compensation measured in dol
lars, whereas the real wage is labor compensatior
measured in units of output,)

c. Calculate the labor share (the fraction of the value of
output thatis paid to labor), which is (WP)/(PI

d. Calculate what happens to output Y,the wage 品
the real wage W/P,and the labor share (WL)/(Py) 凍
each of the following scenarios:

iInflation increasesPfrom2to3.

議 Technological progress increases A from 3tQ必

Capital accumulation increases灰from 1.000.000

to8000000.                                                     /

iv Aplague decreasesTfrom 1000 to125.

人  Despite many changesintheUS economy QYS

time, the labor share has been relatively sfa

AA夫人

Wews

ii