In macroeconomics we assume that total rental and labor


a) In macroeconomics, we assume that total rental and labor income (wL+rK) is equal to total output (Y), use your previous answers to show that Income=Output is the case.

b) What are the shares of Income that Labor and Capital receive of total income? (As in what fraction of total income does Labor and Capital each earn?)

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Business Economics: In macroeconomics we assume that total rental and labor
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