tabcaps lockshift tEescK→1Given the production function Y = AK 0.3 0.7, if an economy's capital per worker k is $27 thousand, and its total factor productivity A is 0.5, then output per worker is (approximately)O $13,500O $5,000O $3,000O $40,500$1,500A Moving to another question will save this response.Type here to search?Q00AZ#2WS3XaltE$D104C#3R%LL5f6TV6Ghp&YB7aHU8NJ???f10► 113M<<< Question 2 of 25 >>>59°F ClearKLPCa 41:16 AM9/23/2022insprt scCtrl

Given information: Y = A K0.3L0.7 ----------> Production function Where Y is output, A is total…

Answered: Given the production function Y-AK0.3…

Given the production function Y-AK0.3 0.7, if an economy's capital per worker k is $27 thousand, and its total factor productivity A is 0.5, then o O $13,500 O $5,000 O $3,000 $40,500 O $1,500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given the production function Y = AK 0.3 0.7, if an economy's capital per worker k is $27 thousand, and its total factor productivity A is 0.5, then output per worker is (approximately)
O $13,500
O $5,000
O $3,000
O $40,500
$1,500
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A firm's production function takes the form: Q(L, K) = min{2L, 3K}, where Q represents output and L and K represent labour and capital, respectively and where w and r give the prices of labour and capital. Assuming no other costs, what would be the marginal cost if the firm increased output by 1 unit? O O MC = Q [ 12/2₁ = Q ( + 1/2 + 1/2 ) MC = W 3r 3w+2r 3w+2r + O MC=3w+2r O W r = 21/1/2+1/1/3/2 O MC =2w+3r MC=1/2
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