Q: In 2013, the demand for labour was W = %3D 600 - 3L, supply of labour was W = 100 + 10L. In 2013, aggregate production function was Y = 1000VKVL In 2014, higher productivity increased production function to Y = 120OVKVL, and labour demand changed to W = 700 - 3L In 2013 and in 2014, K = 590 A : Output per worker in 2013 (Y/L) Output per worker in 2014 (Y/L)

Q: In 2013, the demand for labour was W = %3D 600 - 3L, supply of labour was W = 100 + 10L. In 2013, aggregate production function was Y = 1000VKVL In 2014, higher productivity increased production function to Y = 120OVKVL, and labour demand changed to W = 700 - 3L In 2013 and in 2014, K = 590 A : Output per worker in 2013 (Y/L) Output per worker in 2014 (Y/L)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.8P

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