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Hello, This is a macroeconomic question. Suppose the economy produces output only with one type of input, that is, labour input: Y = zN, where

Hello, This is a macroeconomic question.

Suppose the economy produces output only with one type of input, that is, labour input: Y = zN, where Y is output, N is labour input, and z>0 is the total factor productivity parameter. Based on this information, answer each of the following.

If N rises by 4%, and z is unchanged, by how much does Y increase? What would be the value of output elasticity with respect to labour?

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