Suppose the production function in Europe isY=K^1/3L^2/3, whereKis the amount of land andLis the amount of labor. The economy begins with 8,000 units of land and 1,000,000 units of labor. Use a calculator and equations in the chapter to find a numerical answer to each of the following questions.

aHow much output does the economy produce?(5 points)

bWhat are the wage and the rental price of land?(5 points)

cWhat amount of output is due to labor?(5 points)

dIf a plague kills half the population, what is the new level of output?(5 points)

eWhat is the new wage and rental price of land?(5 points)