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Problem 3: Write each production function given below in terms of output per person y = Y/L and capital per person k = K/L. Plot these per person versions in a graph with y on the vertical axis and k on the horizontal axis. (You can assume à is a constant positive number). (a) Y=AK 1/3 L2/3 and Y = AK3/4L1/4 (plot them on the same graph). (b) Y = K. (c) Y = KL (d) YK-AL

Problem 3: Write each production function given below in terms of output per person y = Y/L and capital per person k = K/L. Plot these per person versions in a graph with y on the vertical axis and k on the horizontal axis. (You can assume à is a constant positive number). (a) Y=AK 1/3 L2/3 and Y = AK3/4L1/4 (plot them on the same graph). (b) Y = K. (c) Y = KL (d) YK-AL

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 8E
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Problem 3: Write each production function given below in terms of output per person y = Y/L and capital per person k = K/L. Plot these per person versions in a graph with y on the vertical axis and k on the horizontal axis. (You can assume à is a constant positive number). (a) Y=AK 1/3 L2/3 and Y = AK3/4L1/4 (plot them on the same graph). (b) Y = K. (c) Y = KL (d) YK-AL
Transcribed Image Text:Problem 3: Write each production function given below in terms of output per person y = Y/L and capital per person k = K/L. Plot these per person versions in a graph with y on the vertical axis and k on the horizontal axis. (You can assume à is a constant positive number). (a) Y=AK 1/3 L2/3 and Y = AK3/4L1/4 (plot them on the same graph). (b) Y = K. (c) Y = KL (d) YK-AL
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