(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

(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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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