29 August, 04:59
Suppose the economy's production function is? = ? K 0.3? 0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?
29 August, 06:10
Y will increase by 38.8
Y=A. F (K, L)
Y=A. K^0.3, L^0.7
N or L=100
200=1 (2000^0.3, 100^0.7)
Now the question says both k & N are increased by 0.20
Y=1 (2400^0.3, 120^0.7)
Y=1 (10.3 + 28.5)
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» Suppose the economy's production function is? = ? K 0.3? 0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?