Suppose that an economy’s production function is Cobb-Douglas with parameter α=0.36, and is given by
What fraction of income do capital and labor receive? Show complete derivations.
a. labor income is 36% of GDP while capital income is 64% of GDP.
b. labor income is 36% of GDP while capital income is 36% of GDP.
c. labor income is 64% of GDP while capital income is 36% of GDP.
d. labor income is 64% of GDP while capital income is 64% of GDP
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