ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
Draw a production function that shows the relationship between capital per worker and output per worker assuming there is diminishing returns to capital. Illustrate the diminishing returns to capital by showing the change in output per worker when capital is increased by 1 unit at two different levels of capital per worker.
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Transcribed Image Text:Draw a production function that shows the relationship between capital per worker and output per worker assuming there is diminishing returns to capital. Illustrate the diminishing returns to capital by showing the change in output per worker when capital is increased by 1 unit at two different levels of capital per worker.
Expert Solution
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We will take a cobb Douglass production function for solow swan model. In the long run both labour and capital will vary.

Production function

Y = f ( A, K, L)

Y= K^a L^ b 

a+b=1

 

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