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Can I get an answer with an explanation? 3. (10 points) Consider an economy with the following Cobb-Douglas production function: Y=6Kl/3L2/3 a) Derive the equation

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Can I get an answer with an explanation?

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3. (10 points) Consider an economy with the following Cobb-Douglas production function: Y=6Kl/3L2/3 a) Derive the equation describing labor demand in this economy as a function of the real wage and the capital stock. b) The economy has 64,000 units of capital and a labor force of 1,000 workers. Assuming that factor prices adjust to equilibrate supply and demand, calculate the real wage, total output, the total amount earned by workers and the total amount earned by capital

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