(e) Suppose Chirpistan has the following production function: -1/2, 1/2 Y; = A;K"L2 (1) Where K, is the capital stock in Chirpistan at time t, L is the size of the labor force in Chirpistan at time t, and A; is total factor productivity in Chirpistan at time t. A table summarizing Kt and Lt is provided below. Table 2: Chirpistan's Factors of Production Input Capital (K,) Labor (L) TFP (A.) 2016 2017 1700 1800 1600 1610 Using your computations from Table 1 for real GDP in Chirpistan for 2016 and 2017, fill in the blanks for A. Table 1: Derpistan's Economy 2017 2016 2016 2017 2018 2018 Quantity Price Quantity Good Price Price Quantity Friskies Cat Food 12 15 14 17 15 15 50 52 Cat Litter 51 7 Mango Salsa Mr. Bill Stuffed Toys Squirt Bottles 80 80 80 12 10 13 15 12 18 19 19 15 Canned Tuna 11 9. 10 10 66 66 Insulin 10 12 13 56 Catnip 12 29

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2) E

(e) Suppose Chirpistan has the following production function:
-1/2, 1/2
Y; = A;K"L2
(1)
Where K, is the capital stock in Chirpistan at time t, L is the size of the labor force
in Chirpistan at time t, and A; is total factor productivity in Chirpistan at time t.
A table summarizing Kt and Lt is provided below.
Table 2: Chirpistan's Factors of Production
Input
Capital (K,)
Labor (L)
TFP (A.)
2016
2017
1700
1800
1600
1610
Using your computations from Table 1 for real GDP in Chirpistan for 2016 and 2017,
fill in the blanks for A.
Transcribed Image Text:(e) Suppose Chirpistan has the following production function: -1/2, 1/2 Y; = A;K"L2 (1) Where K, is the capital stock in Chirpistan at time t, L is the size of the labor force in Chirpistan at time t, and A; is total factor productivity in Chirpistan at time t. A table summarizing Kt and Lt is provided below. Table 2: Chirpistan's Factors of Production Input Capital (K,) Labor (L) TFP (A.) 2016 2017 1700 1800 1600 1610 Using your computations from Table 1 for real GDP in Chirpistan for 2016 and 2017, fill in the blanks for A.
Table 1: Derpistan's Economy
2017
2016
2016
2017
2018
2018
Quantity Price Quantity
Good
Price
Price
Quantity
Friskies Cat Food
12
15
14
17
15
15
50
52
Cat Litter
51
7
Mango Salsa
Mr. Bill Stuffed Toys
Squirt Bottles
80
80
80
12
10
13
15
12
18
19
19
15
Canned Tuna
11
9.
10
10
66
66
Insulin
10
12
13
56
Catnip
12
29
Transcribed Image Text:Table 1: Derpistan's Economy 2017 2016 2016 2017 2018 2018 Quantity Price Quantity Good Price Price Quantity Friskies Cat Food 12 15 14 17 15 15 50 52 Cat Litter 51 7 Mango Salsa Mr. Bill Stuffed Toys Squirt Bottles 80 80 80 12 10 13 15 12 18 19 19 15 Canned Tuna 11 9. 10 10 66 66 Insulin 10 12 13 56 Catnip 12 29
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