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Part II. Short Answer Questions Question 1. For a country, its national output or income (Y) follows a Cobb-Douglas function as below. For example, the function in 2021 is Y2oz1 = 2Kai-a. Here K indicates total capital input and L is total labor input. And we have a = 0.5. (a) What is the share of capital and labor of total national income? If K is 64 and L is 121, how much is the total output in 2021? Y2021= 2. 64.5- 1211-5 2031-1241 441 420gl = 120- 5. 121. 5 J20al= 17 6 (b) In 2021, if both capital (K) and labor (L) inputs increased 100%, then how much national output (Y) will change, as in percentage? (c) In 2022, the government introduced tax credits for overseas investors. Thus, more capital is available in the market. At the same time, new technology has greatly improved production efficiency. And the Cobb-Douglas function in 2022 becomes Yzozz = 2.2(1.44K) "Ll-a. Then, how much GDP has grown in 2022 compared with the year before (assume a is the same value)