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suppose the production function in medieval Europe is Y = K0.2 L0.8, where K is the...

suppose the production function in medieval Europe is Y = K0.2 L0.8, where K is the amount of land and L is the amount of labor. The economy begins with 125 units of land and 150 units of labor. Use a calculator and equations to find a numerical answer to each of the following questions: a. How much output does the economy produce? b. What are the wage and the rental price of land? c. what share of output does labor receive? d. If a plague kills 60% of the population, what is the new level of output? e. what is the new wage and rental price of land? f. what share of output does labor receive now?

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