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Suppose that production in an economy is described by the following Cobb-Douglas production function; Y_t = A_t K^1/4_t H^1/4_t N^1/6_t L^1/3_t All else equal, if the quantity of physical capital increases by 1 percent, then real GDP increases by one percent one-third of one percent one-fourth of one percent one-half of one percent Suppose that production in an economy is described by the following Cobb-Douglas production function; Suppose further that the growth rate of real GDP is 3 percent per year, the growth rate of physical capital is 2 percent per year, the growth rate of human capital is 2 percent per year, and the growth rate of labor hours is 1 percent per year, while the quantity of natural capital is constant. The annual growth rate of total factor productivity is approximately percent per year. 1.67 1.33 2 1