Answered: 2. Suppose the economy's production…

2. Suppose the economy's production function is Y = AK^O.3N^O.7. If K=2000, N = 100, and A = 1, then Y=246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?

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Chapter1: Making Economics Decisions

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Q2. Suppose the economy's production function is Y = AK^O.3N^O.7. If K=2000, N = 100, and A = 1, then Y=246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?

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Question1. 1. Suppose the economy's production function is Y = AKO.3N0.7. If K = 2000, N = 100, and A = 1, then Y= 246. If K rises by 10%, and A and N are unchanged, by how much does Y increase?
Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100 and A=1 then Y = 246. If K and N both rise by 20% and A is unchanged, by how much does Y increase?
Question 4 Please help me figure out which of the following multiple choice questions are correct. Please tell me which choices are correct and which are wrong
[The following scenario applies to the next two questions.] An economy has a Cobb-Douglas production function: Y = AK L(1-a). A is the technology level, K is capital; L is labor; and Y is income. ● In 20X1, the technology level A is 139, capital K = 245, labor L = 458, income Y = 8,155 In 20X2, the technology level A is 144.96, capital K = 259.26, labor L = 474.12, income Y = 8,945.71 In 20X3, the technology level A is 152.02, capital K = 273.31, labor L = 489.20 Question 1.6: Elasticity of income with respect to labor What is the elasticity of income with respect to labor? A. 18% B. 20% C. 22% D. 24% E. 26% Question 1.7: Income What is income in 20X3? A. 9,240.34 B. 9,535.25 C. 9,830.15 D. 10,125.06 E. 10,419.96
Please answer the following question as soon as possible. Thanks a lot! Imagine we live in a classical world. Suppose that the production function is ? = ?^(1/2)?^(1/2), where L is the amount of labor and K is the amount of capital. The economy has 100 units of labor and 100 units of capital.
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!
answer c,d,e only
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ANSWER COMPLETE SOLUTION OKAY?
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