0.5 0.5 Given a production function: Y = AK N If output grows at 5%, capital grows at 2% and the number of . workers grows at 4%, then technology (or total factor productivity) grows at % ? (Answer in integer only, no decimal place.) Your Answer: Answer
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- Suppose a country has a population of 120 people, a working-age population of 100 people, its labor force participation rate is 0.5 (50%), and the quantity of output is 60 units. Suppose that the production function of the economy is given by Y=2N, where Y represents the quantity of output and N represents the number of workers needed to produce the output. I know the answer is 0.4 but I don't understand how to get it. Thank you!Economies production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A= 1, then Y = ?Suppose the production function for widgets is given by q=kl -0.8k²-0.21² where q represents the annual quantity of widgets produced, k represents annual capital input, and I represents annual labor input. Suppose k = 10; at what level of labor input does this average productivity reach maximum? (please put your answer in numerical values with no comma or decimal place). How many widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k = 10, at what level of labor input does MPL = 0? Suppose capital inputs were increased to k = 20, at what level of labor input does this average productivity reach maximum? widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k = 20, at what level of labor input does MPL = 0? answer in numerical values with no comma or decimal place). Does the widget production function exhibit constant, increasing, or decreasing returns to scale?…
- 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.What are the steps to solve for K in terms of L. Given a production function of Q = 2KL, and Q is 16, how do i solve and what are the steps to solve for K in terms of L. What if Q is 32? 64? Just algebra not calculus please.e here to search ? 2 2 3 S 1. Consider the following production function: Y=F(K, L) = A(2K + 3L) Does this production function exhibit constant returns to scale? 2. Suppose the table represents the production function of both Mexico and Spain. Use the following information to answer the next question. K = Capital (trillions) Y = Output (trillions) Country L = Population (millions) Mexico 3 Spain E D 105 3. Calculate per capita income for both countries. 4 45 2. Calculate total factor productivity for both countries using Equation 3. Equation 3: Y = F(KL) = AK0.3 L0.7 R 4. Explain the difference in per capita income. % 0.18 0.74 5 6 hip & T Y 1 G H a 00 1.0 W 1.7 39 Focus
- The aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of labor, what is capital productivity? Group of answer choices 300 1000 600 150Suppose that the production function of a company is given by q = qL^2 · qC and that the amount of labour qL and the amount of capital qC are functions of time t. At time t = 2, we know that qL = 9 andqC =8 and that the growth rateof qL is equal to 2 and the growth rate of qC is equal to 8. Find the growth rate of the production q at that moment.A firm's production function is initially Q = KL . Over time, the production function changes to Q = K?L² (Assume that L > 1 and K > 1) Which one is correct for the situation? No technological progress, only change of function Technological progress Cannot comment on progress
- Country A and Country B both have the production function: Y = F(K,L) = K^(1/3)L^(2/3). a) Does this production function have constant returms to scale? Explain.Consider the Solow-Swan growth model, with a savings rate, s, a depreciation rate, ô, and a population growth rate, n. The production function is given by Y = AK + BK3/4L1/4 where A and B are positive constants. Note that this production is a mixture of Romer's AK model and the neoclassical Cobb- Douglas production function.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