Consider the following Cobb-Douglas production function. Where Y, K, L and N are output, capital, labor and land, respectively; is the stochastic disturbance term;

Consider the following Cobb-Douglas production function. Where Y, K, L and N are output, capital, labor and land, respectively; µ is the stochastic disturbance term; and e is base of natural logarithm State why OLS method cannot be applied to estimate the above model in its present form. Transform the model to apply OLS and interpret its coefficients (α and βs)? Outline the steps to test the validity of the assumption of constant returns to scale (i.e., β1 + β2 + β3 = 1)? Also explain the construction of variable for unrestricted and restricted models