Calculate the labor supply elasticities for each labor supply model b. Present the results in a table where the columns refer to the two results of the two models and the rows are the coefficient estimates with their standard errors. Use asterisks corresponding to each estimate as follows: *** Significant at 1 % level ** Significant at 5 % level * Significant at 10 % level c. Write a paragraph describing the table and a second paragraph interpreting the results and comparing the two models. d. What do the results say about the effect of schooling and age on earnings? 2. Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f(E,K) = EK , so that the marginal product of labor is: MPE = ()(K/E) . If the current capital stock is fixed at 1,600 units, how much labor should the firm employ in the short run? How much profit will the firm earn