Q: In 2013, the demand for labour was W = %3D 600 - 3L, supply of labour was W = 100 + 10L. In 2013, aggregate production function was Y = 1000VKVL In 2014, higher productivity increased production function to Y = 120OVKVL, and labour demand changed to W = 700 - 3L In 2013 and in 2014, K = 590 A : Output per worker in 2013 (Y/L) Output per worker in 2014 (Y/L)

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Q:
In 2013, the demand for labour was W =
600 - 3L, supply of labour was W = 100 +
10L. In 2013, aggregate production function
was Y = 1000VKVL
%3D
In 2014, higher productivity increased
production function to Y = 120OVKVL, and
labour demand changed to W = 700 - 3L
In 2013 and in 2014, K = 590
A :
Output per worker in 2013 (Y/L)
Output per worker in 2014 (Y/L)
Transcribed Image Text:Q: In 2013, the demand for labour was W = 600 - 3L, supply of labour was W = 100 + 10L. In 2013, aggregate production function was Y = 1000VKVL %3D In 2014, higher productivity increased production function to Y = 120OVKVL, and labour demand changed to W = 700 - 3L In 2013 and in 2014, K = 590 A : Output per worker in 2013 (Y/L) Output per worker in 2014 (Y/L)
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