(a) Generalize the setting in (1). There are ownership distributions for land, for labor, for bullocks, for...

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(a) Generalize the setting in (1). There are ownership distributions for land, for labor, for bullocks, for access to working capital. Explain carefully how the operational distribution of land will relate to these various ownership distributions.

(b) As an illustration, suppose that there are just three inputs of production: land, labor, and bullock power. Assume that to produce one unit of output requires one unit of land, one unit of labor, and one unit of bullock power combined in fixed proportions (1:1:1). Now suppose that the entire economy has 100 units of each of these three inputs, but that each of these are distributed unequally among the population. How many input (rental) markets will need to function perfectly for efficient production to take place? Use this answer to show that the operational distribution of the inputs that do have markets must conform to the ownership distribution for the inputs that do not have markets.

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