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Using calculus, demonstrate how the percentage of total income attributable to labor is equal to the exponent of labor in the Cobb-Douglas production function. As you work through the proof, explain what each variable represents as if you were explaining this to a fellow student for the first time. b.Using the following production function: Y=10K1/3 *L2/3 , suppose that immigration increases labor (L) by 20%. How much will total output increase in terms of percent? What happens to the rental price of capital? What happens to the real wage?

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Business Economics, Economics

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