Consider the following hourly production function: Y = 5 K.3 L.7 for an economy. Furthermore, the country...

Consider the following hourly production function: Y = 5 K^.3 L^.7for an economy. Furthermore, the country in question has a labor supply of 10 million, and a capital stock of 1 billion. What is the equilibrium hourly wage for this country (rounded to 2 decimals)? Show your work!

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Rahul Sunny answered 1 year ago

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