Question: 2) Long-run classical model from Chapter 3. You must provide properly labeled graphs to get full credit!!!!!!! A) Suppose there is a permanent increase in

2) Long-run classical model from Chapter 3. You must provide properly labeled graphs to get full credit!!!!!!! A) Suppose there is a permanent increase in the labor force (L). a) What will be the impact on the real wage (W /P) and the real rental price of capital (RIP)? b) What will be the impact on the long-run level of real GDP (Y)? B) Suppose a technological advance improves the production function (i.e. AT) a) What will be the impact on the real wage (W /P) and the real rental price of capital (RIP)? b) What will be the impact on the long-run level of real GDP (Y)

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