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Question 1. Consider a representative firm that produces using capital (K) and labor (N), but that owns no capital. The firm can hire workers in

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Question 1. Consider a representative firm that produces using capital (K) and labor (N), but that owns no capital. The firm can hire workers in the labor market at a wage w and can rent capital market at a rental rate r (that is, the firm can rent K units of capital for which it would have to pay rK). The production function of the firm is given by zF(K,N) where: F(K,N)=KN and +

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