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For each scenario below, use a Cobb-Douglas production function and the neoclassical theory of income distribution to explain intuitively what happens to the marginal product
For each scenario below, use a Cobb-Douglas production function and the neoclassical theory of income distribution to explain intuitively what happens to the marginal product of labor, the marginal product of capital, the real wage, the real rental rate of capital, the total wage bill, and the total retam to capital. Use any relevant equations and/or graphs along with your explanation. c. The spread of a contagious disease cmises a pandemic, which prevents a significant fraction of the labor force from working due to illness or stay-at-home mandates. Transportation infrastructure, commercial property, and residential property are severely damaged after a flood due to a tropical storm. 8. The rise of the internet and personal computers in the early 2000s. h. The rise of immigration into the U.S. in the late 1800s to early 1900s. i. The rise of female labor force participation from the late 1970s to late 1990
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