Consider two competitive economies that have the same quantities of capital (K = 400) and labor (L = 400), and the same technology (A = 100). The economies of the countries are described by the following Cobb-Douglas production functions:

North Economy:Y=A K0.7L0.3

South Economy:Y=A K0.3L0.7

1. Which economy has the larger total production? Use calculations to support your answer.
2. In which economy is the marginal product of labor larger? Use calculations to support your answer.
3. In which economy is the real wage larger? Explain
4. In which economy is capital's share of income larger? Explain.