Given that Labor Force is 120M workers, the capital stock is 32 B, and total productivity is 2933.71 A. If production function is Y=AK^1/4L^3/4, What is real GDP b. What is MPL c. What is MPK d. If labor force increase 130 M workoers, what will happen to real GDP c. Graph the production function, with capital on the horizontal axis, and use your graph to explain the different effect of doubling force and doubling total factor productivity.

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To address these questions we will first calculate the various variables and then we will graph the ... View the full answer