not use ai please Question 5 (25 marks): Consider an economy where in 2022 real GDP is 4861.4, thecapital stock is 13,806.2 and employment is 118.4 (in millions of workers). In 2023 thenumbers were: real GDP 4986.3, capital stock 14,040.8, employment 119.2. Suppose theproduction function in both years isYAK0.25 0.75(a) Calculate total factor productivity for 2022 and 2023.(b) How much did total factor productivity grow from 2022 to 2023?(c) Calculate the percent increase in real output between 2022 and 2023.(d) Suppose tax incentives had raised the capital stock in 2022, making it 10% higher, at15,444.9. If employment didn't change, what would have been the percent increase in realoutput between 2022 and 2023?(e) Instead of the increase in the capital stock in part (d), suppose employment was 10%higher in 2023, making it 131.1. With the capital stock fixed at 14,040.8, what would havebeen the increase in real output between 2022 and 2023?

Given:Production function: Y=AK0.25N0.75For the year 2022:Real GDP (Y) = 4861.4Capital stock (K) =…

Answered: Question 5 (25 marks): Consider an…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

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If GDP grows at a rate of 2.8% per year, approximately how long will it take for GDP to double in size? 12 years 21 years 23 years 25 years QUESTION 13 Suppose that nominal GDP increases by 6.5%, real GDP increases by 4.0% and the population increases by 2.0%. Real GDP per capita O grows by 2.0% (approximately). does not change. decreases by 6.0%6. grows (in percentage terms) by more than the inflation rate.

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