Question
Consider an economy where labor is the only factor of production. The aggregate production function is given by F(L)= 7L04.All markets are competitive. Suppose
Consider an economy where labor is the only factor of production. The aggregate production function is given by F(L)= 7L04.All markets are competitive. Suppose the supply of labor is given by L = 37. Compute the equilibrium labor share of the economy.
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Econometric Analysis
Authors: William H. Greene
5th Edition
130661899, 978-0130661890
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