1. (This is problem 3, page 238 of the textbook.) For a particular economy, thefollowing capital input K and labor input N were reported in four differentyears:Year12344K200250250300N1000100012501200The production function in this economy is Y=K0.3 Nº.7, where Y is totaloutput.a. Find total output, the capital-labor ratio, and output per worker in each year.Compare year 1 with year 3 and year 2 with year 4. Can this productionfunction be written in per-worker form? If so, write algebraically the per-worker form of the production function.b. Repeat Part (a) but assume now that the production function is Y = Kº.3 Nº.8

Production Function: Production function represents a relationship between the input and output. It explains that for the given technology what is aggregate output a firm can produce for the given quantity of Labour and Capital stock.Given production function: Y = K0.3N0.7Dividing both sides w.r.t "N" we get: => Y /N= K0.3N0.7/N=> y = k0.3 {where y: output per worker , k : capital per worker} Year K N Y = K0.3L0.7 Output Per worker = Y/N 1 200 1000 617 0.62 2 250 1000 660 0.66 3 250 1250 771 0.62 4 300 1200 792 0.66 Given production function: Y = K0.3N0.8Dividing both sides w.r.t "N" we get: => Y /N= K0.3N0.8/N=> y = K0.3 / N0.2 {where y: output per worker , k : capital per worker}Here we can't write output per worker (y) as a function of capital per worker (k) Year K N Y = K0.3L0.8 Output Per worker = Y/N 1 200 1000 1231 1.2 2 250 1000 1316 1.3 3 250 1250 1574 1.2 4 300 1200 1609 1.3

Business

Economics

(This is problem 3, page 238 of the textbook.) For a particular economy, the following capital input K and labor input N were reported in four different years: Year 1 2 23 3 4 K 200 250 250 300 N 1000 1000 1250 1200

(This is problem 3, page 238 of the textbook.) For a particular economy, the following capital input K and labor input N were reported in four different years: Year 1 2 23 3 4 K 200 250 250 300 N 1000 1000 1250 1200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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