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03 Factor prices and income 1 Point An economy produces output using a Cobb-Douglas production function: Y 2 AK 0741\" Suppose that the supply of each factor is perfectly inelastic: For this question, we need two new ideas: the income paid to labor and the labor share of income. These ideas are defined as follows: . . _ W 111come pad to labor : - L and: WL P income paid to labor : labor share of meome E total income Y Recall that in equilibrium, the real wage W/P equals the marginal product of labor. Show that in the model, the labor share of income is constant and equal to 1 oz