Questions 1 to 15 relate to the following information Consider a economy with two production sectors (Y and X), two factors of production (K and L), and N individuals. The production technology in sector Y is 1 1 Y = f(K, L) = K L and there is a quasi-fixed managerial-labour input requirement F, = 64. The production technology in sector X is I 1 X=fx(K,L)=K2L and there is a quasi-fixed managerial-labour input requirement of Fx = 4. Individuals have identical preferences represented by utility function u(x, y,l)=xy1 Recall that the TRS for a Cobb-Douglas production function of the form f(K,L) = KL is bK TRS= al