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- Suppose you are given the aggregate production function for an economy and the amount of available technology increases for this economy. If labor and capital constant are held constant, increase in technology will causes labor productivity to decrease. True FalseThe aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of labor, what is labor productivity? Group of answer choices 250 150 60 100Y=$10 trillion, K=$10 trillion, L=100 million workers Cobb-Douglas Production Function What is the production function ؟؟؟
- Which of the following equations does not represent a plausible production function? a.F(K,L) = 2KL b.F(K,L) = 2K-2L c.F(K,L) = 2(KL)0.5 d.F(K,L) = KLUsing the production function Real GDP = T (L, K), define the term production function and describe what each of the variables (T, L, and K) represents. When graphed with Real GDP on the vertical axis and labor on the horizontal axis, which variable(s) can shift the production function and which variable(s) can cause a movement along the production function?The aggregate production function is Y = 5KL. If there are 18 units of capital and 50 units of labor, the capital productivity is ___________.
- The graph below represents per-worker production functions for the same country. Answer the following questions using this graph. Which 1 concept explains that the area between B and C has a flatter slope than the area between A and B? Answer: Law of Diminishing Marginal Returns What has to happen for a country to move from point E to B to D? Answer: The movement through which 3 points (out of 5 given) would indicate the largest increase in productivity? Answer:Suppose the production function is Y = f(K, AN) and the economies of scale are invariant . When will output increase by 7% at a given skill level ? Please choose one. N and A increase by 7% each . K and AN increase by 7% each . N or A increases by 7% . Increases K or AN by 7%A positive technological change will Group of answer choices shift the per-worker production function down. move the economy along a given per-worker production function to the left. shift the per-worker production function up. move the economy along a given per-worker production function to the right.
- Given the labor force, either more capital or better technology will shift the production function downward. True FalseQ = A Lx Ky (Quantity, A, Labor, Capital) If A; X; Y are all positive numbers, does the production function exhibit Increasing return to scale, Constant return to scale or Decreasing return to scale?The aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of labor, what is aggregate output? Group of answer choices 600 1000 150 3000