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Consider an economy characterized by the following Cobb-Douglas production function:
Y=4K1/4L3/4
Where K and L represent physical capitaland labor, respectively. Assume that these inputs are given and fixed where, K= 6000 and L=1600
a) Derive an expression for the marginal product of physical capital (MPK)
b) Derive an expression for the marginal product of labor (MPL)
c) Find the total output in this economy
d) Find the amount of output contributed by labor
e) Find the amount of output contributed by capital
Why is GNP C+ I + G + (X- M)+ NR + NP. What is relationship between X - M and NR + NP
I am trying to figure out how to calculate the eqilibrium level of income and the multiplier
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