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Question Suppose that the price of oil temporarily increases, thereby affecting total productivity denoted as z. a) Will this cause current total factor productivity z,

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Suppose that the price of oil temporarily increases, thereby affecting total productivity denoted as z.

a) Will this cause current total factor productivity z, to increase or decrease?

b) Using the intertemporal model, show graphically how the oil price change would affect output, employment, real wages and the real interest rate. What happens to consumption and investment.

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