18.

Consider the following Cobb-Douglas production function. Y = AK0.2 10.8 What is the marginal product of labour for the above production function? O Y/L O K/L O 0.8xY O 0.2x(Y/K) O 0.8x(Y/L)Consider the following CobbDouglas production function: Y A K 0-2 L0-8 Suppose that labour is paid its marginal product, so that the real wage (W/P) equals the marginal product of labour. Which of the following statements must be true? Labour's share of income is 0.8. Labour's share of income is 0.2. Ca pital\"s share of income is 0.8. Y} L : W/P (3' None of the above. Consider the following CobbDouglas production function. Y A K 0-2 L"-8 If the growth rate of Y is 4 percent, the growth rate of K is 3 percent and the growth rate of L is 1 percent, what is the growth rate of technology {or total- or multifactor productivity) A? 0 percent 0.6 percent 2 percent 2.6 percent 3 percent