2. Cross country comparisons of labor productivity. Show all work, LABEL carefully and NOTE UNITS. Real Capital Stock, K (in millions of US Dollars) Capital- Country (2019) Labor Real GDP Total MPK productivity Function per hour Ratio, y (to 3 decimals) labor Labor hours, L (millions of hours) 33,217.0 Ratio, k Argentina В. 3,399,148.5 А. С. y = 3.66k0.45 Spain В. 11,733,525.0 30,649.9 A. C. y = 4.26k0.45 Suppose that Argentina and Spain have the labor productivity functions, real capital stock, and total labor hours given in the table above. A. Calculate the capital-labor ratio, k (round to 2 decimals). Argentina: Spain: B. Calculate real GDP per hour, y (round to 2 decimals). Argentina: Spain: C. Calculate the marginal product of capital, MPK (round to 3 decimals). Argentina: Spain: D. Graph the labor productivity functions for each country on the graph below. Include all relevant information from A-C above, and label your graph carefully (need not be to scale). E. If the MPK for Argentina converges to the MPK for Spain, calculate the new level of k in Argentina. Explain whether labor productivity and the capital-labor ratio will also converge.

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