The Cobb-Douglas production function. This problem asks you to use Excel to plot and examine theCobb-Douglas production function Y = K αL 1−α,withα = 0.33.(a) Create a table of numbers in an Excel...

The Cobb-Douglas production function. This problem asks you to use Excel to plot and examine theCobb-Douglas production function Y = K αL 1−α,withα = 0.33.(a) Create a table of numbers in an Excel worksheet. Let the rows represent a grid of values for capital,K = {0, 1, 2,...,15}, and the columns represent a grid of values for labor, L = {0, 1, 2,...,15}, and thenfill in the 16 ×16 grid with the values of output, Y = KαN 1−α, using the value of K corresponding to thatrow and the value of L corresponding to that column (you should use “=(Row value)^(0.33)*(Columnvalue)^(0.67)”).(b) In this part you’ll create a plot of what the production function looks like. Use Excel’s “surface plot”(listed under “other charts” in the charting section) to create a 3-D plot of the grid of numbers createdin part (a). Label the x and y axes and be sure that the grid marks on the two axes correspond to theactual values for K and L.1(c) In this part, I want you to plot a “slice” of the production function. That is, for the column associatedwith L = 3, use a “line plot” to plot the values of output for each value of capital in that column. Fromthis plot you can see that the marginal product of capital (the slope of the curve that you plot), isdecreasing and concave. Note that there will appear to be a “kink” in the curve between the first andsecond points, but this occurs simply because the production function is very steep here and due to thelimited number of gridpoints the jump from the first gridpoint to the second gridpoint is large.(Note: for these first three parts, please turn in one sheet with a printout of the grid with the valuesand another sheet that contains the 3-D figure of the production function and the figure with the “slice”of the production function.)(d) How can you see, from the grid of values for output, that the production function exhibits constantreturns to scale?