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Part II. Short Answer Questions Question 1. For a country, its national output or income (Y) follows a Cobb-Douglas function as below. For example, the function in 2021 is Y2021 = 2K L1-a. Here K indicates total capital input and L is total labor input. And we have a = 0.5. (a) What is the share of capital and labor of total national income? If K is 64 and L is 121, how much is the total output in 2021? Y2021 = 2. 64.5, 121 1- 5 2021- 124141 420gl= 120. 5. 121. 5 J2021 = 17 6 (b) In 2021, if both capital (K) and labor (L) inputs increased 100%, then how much national output (Y) will change, as in percentage? avectors. Thus, more capital is