consider an economy characterized by the, Macroeconomics

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consider an economy characterized by the

Consider an economy characterized by the following Cobb-Douglas production function:

Y=4K^1/4L^3/4

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 (MP_K)

b) Derive an expression for the marginal product of labor (MP_L)

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

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Macroeconomics: consider an economy characterized by the

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Macroeconomics: consider an economy characterized by the

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