production-gradescope-uploads.s3-us-west-2.amazonaws.com C + Wed 9/29 -... HW 10 acad.. Q Create a Ne.. G nightingale r... leg workout... 2221_STAT_... 2221 ECON... ECON 1110 -... A https://prod... *Homework H... Question # 2 [50 points] An economy's production function takes the following Cobb-Douglas form Y = AK0.5 NO.5 Y denotes total output (GDP), A is total factor productivity (TFP), K the capital stock, N the quantity of labor (measured by number of workers). Notice that with this production function the marginal product of labor (MPN) is MPN = 0.5AK0.5N-0.5 Assume the capital stock is K = 100 and total factor productivity (TFP) is A = 1. The labor supply curve is NS = 400w2 where NS is the quantity of labor supplied if the real wage is w. 2EC ti; Wed 9/29 ... 0 5555 production-gradescope-uploads.s3-us-west-2.amazonaws.com C, [1\" + 5; HW10 acad... Q Creates Ne... G nightingale r... ll leg workout... Ea 2221_STAT_... S 2221 ECON... ..|| acou 1110 a hnps;//pred... Part 2a. [10 points] Compute the equilibrium levels of employment or full-employment level of employment (1V ), the real wage (W), and full-employment output or potential output (17). Make sure to draw a box around your nal answer for each of these three values. Part 2b. [10 points] Consider the effect of a temporary decline in capital from K = 100 to K '