Suppose the wage rate is $20 per hour and the rental rate of each unit of capital is $20. The price of output is constant at $80 per unit. Initial capital level is 1 unit. The production function is f(KE) = K1/4E1/2 a. Find the elasticities of short run and long run labour demand.~ b. Which one should have a higher elasticity in absolute terms, short run or long run labour demand? Is your finding in part (a) consistent with the theory?<