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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
How much does GDP rise in each of the following scenarios: 1. During a recession, the government raises unemploymemnt benefits by $100 million. 2. A new US airline purchases
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Explain the adjustment to the new equilibrium price from an increase in demand.
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why and how is price level determined by the monetary sector in the classical model?
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