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Suppose that the production function is

AK1>4L3>4. Assume that = 1,000, the

current level of the capital stock is $16,000

billion, and the labor force is 200 million


a. Find the marginal product of labor.

b. Graph the marginal product of labor.

c. Graph the production function, putting labor

on the horizontal axis and assuming that capital

is constant.

d. Now assume that the capital stock increases

to $20,000 billion. Show the effect of this

increase on your graph of the production

function. What effect did the increase in the

capital stock have on the marginal product of


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