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5) Consider a neoclessical theory of income distribution studied in class and covered in Chapter 3.1-3.2 of the textbook by Mankiw. Assume that the production

5) Consider a neoclessical theory of income distribution studied in class and covered in Chapter 3.1-3.2 of the textbook by Mankiw. Assume that the production function is Cobb-Douglas: Y = AKOL1-a (1) where o is the parameter that satisfies 0

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