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Question 2.4 Assuming that the normal, longterm level of effort is (it = 1, decompose actual output into the potential output and the output gap.

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Question 2.4 Assuming that the normal, longterm level of effort is (it = 1, decompose actual output into the potential output and the output gap. Question 2.5 Why may it be even more difcult in this case to estimate potential output than in the case of variable capital utilization

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