Labour 300 Labour 600 Labour 900 Physical Capital Year 1 800 Answer 800 800 Physical Capital Year 2 1000 1000 1000 Physical Capital Year 3 1200 1200 1200 Using the table and the aggregate production function: Y/L=80(K/L)0.5 Calculate the output per worker if the labour is held constant at 600 and the physical capital is in year 3. *** Round your answer to the nearest whole number***

Labour 300 Labour 600 Labour 900 Physical Capital Year 1 800 Answer 800 800 Physical Capital Year 2 1000 1000 1000 Physical Capital Year 3 1200 1200 1200 Using the table and the aggregate production function: Y/L=80(K/L)0.5 Calculate the output per worker if the labour is held constant at 600 and the physical capital is in year 3. * Round your answer to the nearest whole number*

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 29CTQ: How is the concept of technology, as defined with the aggregate production function, different from...

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How is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?
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Please no written by hand and graph Consider a small world that consists of two different countries, a developed and a developing country. In both countries, assume that the production function takes the following form: Y = F (K, LE) = K¹/4 (LE) 3/4, where Y is output, K is capital stock, L is total employment and E is labour augmenting technology. (a) Does this production function exhibit constant returns to scale in K and L? Explain. (b) Express the above production function in its intensive form (i.e., output per-effective worker y as a function of capital per effective worker k). (c) Solve for the steady-state value of y as a function of saving rate s, population growth rate n, technological progress g, and capital depreciation rate 6. (d) The developed country has a savings rate of 30% and a population growth rate of 2% per year. Meanwhile, the developing country has a savings rate of 15% and population growth rate of 5% a year. Technology evolves at the rate of 8% and 2% in…
please answer the following, I have attached an image of the question for better format. Thanks! 2. Suppose that the production function of a country is given by Y=K3L0.7, where Y is output, L is labour, and K is capital. a)What is the return to scale property of the production function? B)What will happen to output if we double the use of capital and labour? C)Write the production function as a relationship between output per worker and capital per worker.
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