The “per person” versions of production functions: Write each productionfunction given below in terms of output per person y ; Y/L and capital perperson k ; K/L. Show what these “per person” versions look like in a graphwith k on the horizontal axis and y on the vertical axis. (Assume A is somefxed positive number.)(a) Y = K 1/3L2/3 and Y = K 3/4L1/4 (on the same graph) (b) Y = K(c) Y = K + AL(d) Y = K − AL
The “per person” versions of production functions: Write each productionfunction given below in terms of output per person y ; Y/L and capital perperson k ; K/L. Show what these “per person” versions look like in a graphwith k on the horizontal axis and y on the vertical axis. (Assume A is somefxed positive number.)(a) Y = K 1/3L2/3 and Y = K 3/4L1/4 (on the same graph) (b) Y = K(c) Y = K + AL(d) Y = K − AL
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The “per person” versions of production functions: Write each production
function given below in terms of output per person y ; Y/L and capital per
person k ; K/L. Show what these “per person” versions look like in a graph
with k on the horizontal axis and y on the vertical axis. (Assume A is some
fxed positive number.)
(a) Y = K
1/3L2/3 and Y = K
3/4L1/4 (on the same graph)
(b) Y = K
(c) Y = K + AL
(d) Y = K − AL
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Please address use above problem to the following equation:
(d) Y = K − AL
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