3) Consider country M, which has 100 units of land X, and 100 units of labor L. It produces output under the production function Y=AXHDB. a) Suppose that a:0.5, 3:0.5 andA:1. Create a table like the following in Excel (this table has only one row; you will need to add more to answer the questions). APL stands for average product of labor, and MPL for the marginal product of labor. X (land) L (labor) or [3 Y NIPL APL 100 100 0.5 0.5 100.0 1.000 Show that [3 is the output elasticity of labor. That is, show that if labor increases in country M by 1 percent, output will go up by 0.5 percent. b) Dene the marginal product of labor (MPL) in your own words. c) Suppose that land is held xed at 100, and labor is gradually added (keep X at 100 but add rows, with each row having one more worker). What is the marginal product of labor for the 101St worker? For the \"0:11? What is happening to the average (APL) and the marginal product (MPL) of labor as workers are added? d) In class we saw the Malthusian model in graphical form. Is the table you prepared for the previous question consistent with the diagram presented in lecture? Which panel of the graph we used in class is your table most related to