1. Consider two competitive economies that have the same quantities of labor (L

1. Consider two competitive economies that have the same quantities of labor (L = 400) and capital (K = 400) and the same technology (A = 100). The economies of the countries are described by the following Cobb-Douglas production functions:Economy E: Y = 10L2/3K1/3Economy W: Y = 10L1/3K2/31. Which economy has the larger total production? ____________2. What is the total production for the larger economy ________3. In which economy is the marginal product of labor larger?4. What is the Marginal Product for the economy which has the larger Marginal Product of labor______5. In which economy is the real wage larger? _________________6. In which economy is the labors share of income larger? __________________7. How much is the total labor share for the economy with the larger labor share ______________Additional Requirements