In an economy with production function Y = 1.5 ×

,K = 343,and L = 512.If factor markets are in equilibrium,then the rental price of capital is (approximately)________,and the real wage is (approximately)________.
A)0.5;0.8
B)7;8
C)0.9;1.35
D)1.4;0.4
E)0.6;0.9

Question

In an economy with production function Y = 1.5 ×

,K = 343,and L = 512.If factor markets are in equilibrium,then the rental price of capital is (approximately)________,and the real wage is (approximately)________.
A)0.5;0.8 
B)7;8 
C)0.9;1.35 
D)1.4;0.4 
E)0.6;0.9

Quizplus · Accepted Answer

The Answer of In an economy with production function Y = 1.5 ×

,K = 343,and L = 512.If factor markets are in equilibrium,then the rental price of capital is (approximately)________,and the real wage is (approximately)________.
A)0.5;0.8 
B)7;8 
C)0.9;1.35 
D)1.4;0.4 
E)0.6;0.9

In an Economy with Production Function Y = 1