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

?/?/?)?)?)!))///////////////////////////////////////////////////////)-----------&

please answer it complete on page?/?/?)?)?)!))///////////////////////////////////////////////////////)-----------& . Consider a production function for

. 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!