Part III. Cobb-Douglas Production Function: Suppose that an economy's production function is Cobb-Douglas with parameter a = 0.25. Here we have Y = A . Ka . Ll-a. Definitions of A, K and L are the same as in class. a. What fractions of national income go to capital and labor? b. Suppose that immigration increases the labor force by 20 percent. How much national output will change (in percent)? How much real wage change (in percent)? c. Suppose in another year, foreign direct investment (FDI) to this country raises the capital stock by 10 percent. Then, what happens to total output (change in percent)? How much real rental price of capital changes? d. Suppose that a technological advance raises the value of the parameter A by 10 percent. What happens to total output (in percent)? The rental price of capital? The real wage? e. Suppose the share of capital income increases from 25% (a = 0.25) to 30% (a = 0.30) in the next few years. Total capital K = 12 units, labor input L = 30 units, A = 20, then how much is national output