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Please solve and explain Assume that the production function is Cobb-Douglas as follows: Y - KO.3 L0.7 In this neoclassical model, if the labor force

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Assume that the production function is Cobb-Douglas as follows: Y - KO.3 L0.7 In this neoclassical model, if the labor force increases by 10 percent, then output: increases by about 10 percent. increases by about 7 percent. increases by about 3 percent. does not increase since the new workers are unemployed

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