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4. A Cobb Douglas production function is Y = AK"N1-"; where 0

4. A Cobb Douglas production function is Y = AK'ZN1-a; where 1. Also, K = Ko + at and N = No + bt Here Y represents aggregate output, K the capital input, and N the labor input (capital and labor being the two "factors Of production" in this function). The A term represents Total Factor Productivity (TFP for short); you can think Of this as a 'quality" factoras opposed to K and N which are just quantitative. The value Of A reflects the state Of technology as well as the skill and education level of the workforce. All being well, we'd expect A to be gradually increasing over time. Find the rate Of change Of output with respect to time. (10)