Question: please answer it complete on page ?/?/?)?)?)!))///////////////////////////////////////////////////////)-----------& . Consider a production function for an economy: Y: 20(L-5K-4N') where L is labor, K is capital, and
please answer it complete on page
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. Consider a production function for an economy: Y: 20(L-5K-4N') where L is labor, K is capital, and N is land (three factors of production). a. Does this production function exhibit constant returns to scale? Derive your answer analytically. b. If the economy is competitive, what is the share of total income will go to land? Derive your answer analytically
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