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- The aggregate production function is y=3KL. If they are 30 units of capital and 40 units of labor, what is aggregate output?Some economists believe that the US. economy as a whole can be modeled with the following production function, called the Cobb-Douglas production function: Y = AK¹/32/3 where Y is the amount of output K is the amount of capital, L is the amount of labor, and A is a parameter that measures the state of technology. For this production function, the marginal product of labor is MPL = (2/3) A(K/L)¹/³. Suppose that the price of output P is 2, A is 3, K is 1,000,000, and L is 1/100. The labor market is competitive, so labor is paid the value of its marginal product. a. Calculate the amount of output produced Y and the dollar value of output PY. b. Calculate the wage W and the real wage W/P. (Note: The wage is labor compensation measured in dollars, whereas the real wage is labor compensation measured in units of output)USE R LANGUAGE TO SOLVE THE equation The output of a production process, Q is given by the function2K^(-3)L^(5/2)/2K log4 6L^2where K and L denote capital and Inbour. Calculate the output when the capital and labour are 10 and 20 units, respectively.
- 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.Y=$10 trillion, K=$10 trillion, L=100 million workers Cobb-Douglas Production Function What is the production function ؟؟؟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.
- The table below shows various values of labour (L), capital (K), and technology (T) for Economies A, B, and C. In each case, the aggregate production function takes the following form: Y = T x KL Economy A Economy B Economy C L. K LK I L K T on 100 50 100 50 100 50 2 110 50 110 55 110 55 4 120 50 2 120 60 120 60 130 50 130 65 2 130 65 8. 140 50 2. 140 70 140 70 10 150 50 150 75 150 75 12 TABLE 25-4 Refer to Table 25-4. The production function that applies to Economies A, B, and C displays Select one: O a. constant returns to scale. O b. diminishing marginal returns to capital. O c increasing returns to scale. O d. increasing marginal returns to capital. O e. Both C and D are correct. 6 2.Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the marginal physical product (MPP) reach its maximum?Consider the Cobb-Douglas production function displayed below: Y=AK N¹ - Suppose that GDP is 100, capital is 50, labor is 10, and TFP is 6.17. Let α = 0.3. What is the marginal product of capital? Marginal product of capital equals 4.46 . (Round your answer to two decimal places.) That's incorrect.
- Consider the following Cobb-Douglas production function: Y = AKªL® (1) where Y is aggregate output, K is capital, L is labour, and A, a, and ß are positive constants. a) Is function (1) in linear form? Convert it into linear form if it is not.what is the difference between a firm's expansion path in the short run compared to the long run?Which of the following would be exhibited if a doubling of output can be achieved without doubling all the inputs?
