**Essay Question 1(a):**The aggregate production function is given by \( Y = 2KL \). There are 36 units of capital (K) and 25 units of labor (L). What is the aggregate output?**Explanation:**The function \( Y = 2KL \) represents the relationship between the inputs of capital and labor and the resulting output in production. To find the aggregate output, substitute the given values into the equation:\[ Y = 2 \times 36 \times 25 \]Calculate the product to find the total output.

The production function depicts the relationship between the inputs used by an entity and the total…

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The aggregate production function is Y = 2KL. There are 36 units of capital and 25 units of labor. What is the aggregate output?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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