1. 2. 3. What are the shortrun and long-run effects of an increase in the level of labour supply L on {Yt7 Kt, Rt, W1}? What. are the short-run and longrun effects of an increase in the household's discount rate p on {Yt5 K t, Rt, W5}? Consider a positive capital depreciation rate 6 > 0. Derive the long-run capital supply curve. How does the capital depreciation rate 6 affect. the long-run capital supply curve