Question: 3. a. What is a production function? Write an equation for a typical production function, and explain what each of the terms represents. b. Discuss

3. a. What is a production function? Write an equation for a typical production function, and explain what each of the terms represents. b. Discuss THREE public policies that a country might adopt to increase its productivity and improve its standards of living? c. In a closed economy GDP = $1300, private saving = $125, government budget deficit = $5, and government spending =$15. Calculate national saving, taxes, and consumption

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