Suppose that Indonesia's national production function is Y = K 05L 05, where K is theamount of land and Lis the amount of labor. The economy starts when the amount ofland owned is 100 units and the number of workers is 100 units. Calculate the followingindicators.a. How much output is produced?b. What are the labor wages and land rent?c. What is the share of the output received by labor?d. If a natural disaster occurs that causes the population to be reduced by half, what isthe new level of national output?e. What are the new rates of labor wages and land rent?f. What share of output does the labor receive now?

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Answered: Suppose that Indonesia's national…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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