Problem 3 Assume that output in the economy is given by a production function that implies the following MPL MPL-1 K '2 L Further assume that in the...

Assume that output in the economy is given by a production function that implies the following MPL = 1 /2 ⋅ K/L Further assume that in the economy L = 1000 and K = 1000. Then the equilibrium wage is given by a) 1/2 b) 1/3 c) 1/4 d) 1/5 e) None of the above. PIC ATTATCHED BELOW