Y=F (K, L) = AK0.3L0.7CountryL (millions)K (trillions) Y (GDP)X780.261.1Y1000.841.6 ## Economic Analysis Questions### Question 12Calculate per capita income for both countries. Express the answer in thousands.### Question 13Which of the four government policies to stimulate saving is essential? That is, which policy can on its own, regardless of the other policies, determine the level of the national saving rate?### Question 14How does the centrality of institutions and property rights in economic growth help to explain the predominance of rich countries in temperate climates and of poor countries in the tropics?

Answered: 12. Calculate per capita income for…

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12. Calculate per capita income for both countries. Express the answer in thousands.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Y=F (K, L) = AK^0.3L^0.7

Country	L (millions)	K (trillions)	Y (GDP)
X	78	0.26	1.1
Y	100	0.84	1.6

## Economic Analysis Questions

### Question 12
Calculate per capita income for both countries. Express the answer in thousands.

### Question 13
Which of the four government policies to stimulate saving is essential? That is, which policy can on its own, regardless of the other policies, determine the level of the national saving rate?

### Question 14
How does the centrality of institutions and property rights in economic growth help to explain the predominance of rich countries in temperate climates and of poor countries in the tropics?

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

Expert Solution

Step 1

Y=F (K, L) = AK^0.3L^0.7

12. Per Capita Income : The per capita income of a country can be defined as the per head availability of goods and services or the per head income in the country. It is calculated by dividing the GDP with the total Population.

Here in this question for simplicity we consider labour as population since labour is the part of the population.

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