The firm operated the production technology described above and sells the good Y at price p = 1. Labor and capital are the firm's only costs. a) Define the labor share and the capital share of GDP. What do they represent? b) What is the firm's revenue if they sell all output produced? What is the firms total cost of producing Y ? Write the firm's profit function: revenues minus costs. c) Calculate the firm's choice of labor and capital inputs, taking prices as given, i.e., write the first order conditions for L and K for the problem of maximizing firm's profits