Suppose that the production function for an economy is given by Y = F(K, L) = AK/B[2/3 %3D Where Y is output, A is the level of technology, K is capital and L is labor. If the value of L is 100, the value of K is 400, and the value of A is 2, what is the per capita value of output in this economy?

Suppose that the production function for an economy is given by Y = F(K, L) = AK/B[2/3 %3D Where Y is output, A is the level of technology, K is capital and L is labor. If the value of L is 100, the value of K is 400, and the value of A is 2, what is the per capita value of output in this economy?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section17.1: Economic Growth Around The World

Problem 1QQ

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