Exercise 6.7. Consider the model: Y =0+ 1K + 2L.Compute and show solutions for the elasticity values of the variables of K = capital and L = labor when dependent variable is Y = output. Data accessed here:https://we.tl/t-eU1FECx4DO

Exercise 6.8. In relation to the previous item, suppose the next model:Log Y= 0+ 1log K + 2log L.Compute and show solutions for the elasticity values of the variables.