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Question 2a: Write down a Cobb-Douglas production function where labor earns 3/4th of all income earned and capital earns 1/4th of all income earned. Question
Question 2a: Write down a Cobb-Douglas production function where labor earns 3/4th of all income earned and capital earns 1/4th of all income earned.
Question 2b: In equilibrium, what will be the real wage paid to workers and the real rental rate of capital for that production function?Show all work
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