Macroeconomics
Macroeconomics
10th Edition
ISBN: 9781319105990
Author: Mankiw, N. Gregory.
Publisher: Worth Publishers,
Question
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Chapter 3, Problem 2PA

(a)

To determine

Total output produced by the economy.

(b)

To determine

Wage rate and rental price of land.

(c)

To determine

Share of output that the labor receives.

(d)

To determine

New output.

(e)

To determine

New wage rate.

(f)

To determine

New labor share of output.

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