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4) Suppose your economy's production function is written as Y = AKN1- where 0 4) Suppose Vour economy's production function is written as Y =
4) Suppose your economy's production function is written as Y = AK"N1- where 0
4) Suppose Vour economy's production function is written as Y = AK aNl a where 0 < a < 1. a) Show that as specified above, the total factor productivity parameter has zero impact on the marginal rate of technical substitution. (8 points) Suppose instead that the production function displays labor augmenting technological change written as Y
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