Consider a production function Y = KªL1-«. a) What is the marginal product of capital? Write down the formula and show your working. b) Write down the profit maximization problem for the firm.

Please help me with the last three question d,e,f. Thank you.

Extracted text: Consider a production function Y = KªL1-«. a) What is the marginal product of capital? Write down the formula and show your working. b) Write down the profit maximization problem for the firm.


Extracted text: c) Use your previous answer to (a) and (b) to write down the labor demand curve which relates the quantity of labor the firm demands to the price of labor (i.e. the wage). d) If the quantity of labor supplied increases by 1%, what is the increase in the firm's output? State your answer in terms of expenditure shares. e) If the quantity of labor supplied increases by 1%, what is the change in the real wages of workers? f) If this production function is to represent the US economy, what is a reasonable value to choose for a? Why?