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1. Consider an economy with the following Cobb-Douglas production function: Y = se'lr'arlm a. Derive the equation describing labour demand in this economy as a

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1. Consider an economy with the following Cobb-Douglas production function: Y = se'lr'arlm a. Derive the equation describing labour demand in this economy as a function of the real wage and the capital stock.. h. The economyr has Tl unite of capital and a labour force of LUIII workers. Assuming that factor prices adjust to equilibrate supplyr and demand, calculate the real wage, the total output1 and the total amount earned by workers

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