Consider the production function describing the US economy as Y = 10.25 10.75 1. Define the labor's share of total income, and write down an expression to compute this share in terms of labor income and total income. (3 points) 2. Write labor income in terms of the marginal product of labor. (2 points) 3. Based on your answers from the previous two questions, compute the labor's share of total income. (2 points) 4. In class, we stated that this share has been declining in most advanced economies for the past 30 years. What is an implication for such a decline on fiscal policy? Explain. (1 point) 5. Name and discuss one reason that may explain this decline. (2 points)