Consider the production function in general formY=L^Z^1. Let the reduction in populationbe 45%. Suppose, on average, wages rose by 70%. What value

Consider the production function in general formY=L^αZ^1−α. Let the reduction in populationbe 45%. Suppose, on average, wages rose by 70%. What value ofαwould be consistent with theseobservations? Write out an equation you would need to solve to find α. (If you don’t rememberhow to use logarithms, do not solve this equation but make sure your final equation inαhas noother variables, only numbers.)