5. Assume that a competitive economy can be described by a constant returns to scale {Cobb Douglas} production function and all factors of production are fully employed. Holding other factors constant. including the quantityI of capital and technology. explain how a one-time. 10- percent increase in the quantity of labor (perhaps as a. result of a special immigration policy) will change each of the following: a. the level of output produced b. the real wage of labor c. the real rental price of capital {1. labor's share of total income