2. Consider the production function in Hamilton Village is Y = K 0.4L0.6, where K is the amount of land and L is the amount of labor. The economy begins with 200 units of land and 200 units of labor. Find a numerical answer/s to each of the following questions. [30 points] a. How much output does the economy produce? b. What are the wage and the rental price of land? c. What share of output does labor receive and what share of output does land receive?

How supply and demand work together to reach the equilibrium price in the marketplace? give at least a paragraph. you!

Someone knows the answer i need in the exam

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.