Part 11. Short Answer Questions Question 1. For a country, its national output or income (Y) follows a CobbDouglas function as below. For example, the function in 2021 is Yum = 2K \"1.1\"\". Here K indicates total capital input and L is total labor input And we have u = 0.5. (a) What is the share of capital and labor of total national income? IfK is 64 and L is 121, how much is the total output in 2021? (b) In 2021, if both capital (K) and labor (L) inputs increased 100%, then how much national output (Y) will change, as in percentage? (0) In 2022, the government introduced tax credits for overseas investors. Thus, more capital is available in the market. At the same time, new technology has greatly improved production efciency. S__o_the Cobb-Douglas function in 2022 becomes Yzozz = 2.2(1.44K)\"L1'\". Then, how much GDP has grown in 2022 compared with the year before (assume a is the same value). Question 2. Recall the production function, to maximize prot, a producer should make sure that the real wage of a worker should be equal to his or her marginal product of labor (MPL). labor on ut/h labor outut mm mm Suppose the MPL of workers in a pizza shop as above. The table shows the total output of pizzas made per hour by the number of labor used as input. If the net price (excluding material costs) of a pizza is $5.00. And the nominal wage of a worker is $20.00 per hour. Then how many workers should be employed per hour. Please show the details step by step