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2. An economy's production function is given by Y = AK0.25 /V0.75. 2019: Real GDP = 74,802; K = 268,147; N = 2414 2020: Real

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2. An economy's production function is given by Y = AK0.25 /V0.75. 2019: Real GDP = 74,802; K = 268,147; N = 2414 2020: Real GDP = 78,561; K = 301,262; N = 2632 (a) Compute the total factor productivity for 2019 and 2020. [6 pts] (b) How much is the growth of total factor productivity from 2019 to 2020? [2 pts] (c) What is the percentage increase in real GDP between 2019 and 2020? [2 pts] (d) Assume that productivity remains constant from 2020 to 2040, but K and N both triple during that time. What do you expect GDP to be in 2040? [6 pts] Total for Question 2: 16 pts

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