What about real wage and real rental rate

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Suppose that the production function of a fictional economy is Cobb-Douglas with parameter alpha = 1/3. What share (fraction) of income does labor receive? What share (fraction) of income do capital owners receive? Suppose that immigration raises the labor force by 10%. What happens to total output in percentage terms. What about real wage and real rental rate? Suppose that a gift of capital from abroad raises capital stock by 10%. What happens to total output in percentage terms? What about real wage and real rental rate? Suppose that a technological advancement raises the value of the parameter A by 10%. What happens to total output in percentage terms? What about real wage and real rental rate?

Reference no: EM131424550

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