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For a particular economy, the following capital input K and labor input N were reported in four different years: Year K N k 1 500 800 0.625 2 625 800 0.785 3 625 1,000 0.625 4 750 960 0.78125 The production function in this economy is: K0.40 0.60 01060 where Y is total output. a. In the above table, calculate the capital-labor ratio, k, in each year. (round to two decimal places) Calculate output per worker in year 1: (Enter your responses to three decimal places.)

For a particular economy, the following capital input K and labor input N were reported in four different years: Year K N k 1 500 800 0.625 2 625 800 0.785 3 625 1,000 0.625 4 750 960 0.78125 The production function in this economy is: K0.40 0.60 01060 where Y is total output. a. In the above table, calculate the capital-labor ratio, k, in each year. (round to two decimal places) Calculate output per worker in year 1: (Enter your responses to three decimal places.)

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
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For a particular economy, the following capital input K and labor input N were reported in four different years: Year K N k 1 500 800 0.625 2 625 800 0.785 3 625 1,000 0.625 4 750 960 0.78125 The production function in this economy is: K0.40 0.60 01060 where Y is total output. a. In the above table, calculate the capital-labor ratio, k, in each year. (round to two decimal places) Calculate output per worker in year 1: (Enter your responses to three decimal places.)
Transcribed Image Text:For a particular economy, the following capital input K and labor input N were reported in four different years: Year K N k 1 500 800 0.625 2 625 800 0.785 3 625 1,000 0.625 4 750 960 0.78125 The production function in this economy is: K0.40 0.60 01060 where Y is total output. a. In the above table, calculate the capital-labor ratio, k, in each year. (round to two decimal places) Calculate output per worker in year 1: (Enter your responses to three decimal places.)
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