You are given the production function Y = AK1/3N2/3, where A = 4. (a) Convert the production
Question:
(a) Convert the production function to a function relating Y/N to K/N.
(b) Consider two countries that have access to the same technology and have the same quality of labor and capital, as well as the same production function, given above. Suppose that one country has per-person output ten times as high as the second country. To what factor is the difference attributable? Quantify the difference between the countries with respect to that factor.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
a Dividing both sides by N YN AKN13 b The difference is attributable to differences i...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
You are given the production function Y = AK1/5R1/5H1/5N2/5, where K represents physical capital, R represents infrastructure capital, and H represents human capital. Convert this to a function...
-
You are given the production function Y = AK1/4H1/4N1/2, where A = 4. The population growth rate n is 0.025, the depreciation rate d is 0.075 (both physical and human capital depreciate at the same...
-
Consider an economy described by the production function: Y = F(K, L) = K0.3L0.7. a. What is the per-worker production function? b. Assuming no population growth or techno-logical progress, find the...
-
Find and draw y(t) for the system below X(t)-21tl and h(t) as below h(t)
-
Which type of validity is most relevant to test-marketing?
-
Earnhart Corporation has outstanding 3,000,000 ordinary shares with a par value of $10 each. The balance in its retained earnings account at January 1, 2022, was $24,000,000, and it then had Share...
-
This problem helps you develop skill in recording transactions by using a companys actual account titles. Refer to the Amazon.com financial statements in Appendix A. Assume that Amazon.com completed...
-
The following facts pertain to a noncancelable lease agreement between Earth Leasing Corporation and New Moon Company, a lessee. Inception date October 1, 2014 Annual lease payment due at the...
-
A company provided the following information regarding its only product: Sale price per unit Direct materials used $50 $160,000 Direct labor incurred $185,000 Variable manufacturing overhead $120,000...
-
Vanessa Noel, owner and manager of Noel Draperies and Window Treatments, has been receiving some complaints from her loyal clientele of interior decorators and home dcor consultants. For example, one...
-
Consider an economy characterized by the following production function: Y = AK1/3N2/3, with a capital stock of $3,000 billion and current net investment of $120 billion. (a) If the growth rate of...
-
Suppose that the production function for an economy is given by Y = AKbHcN1-b-c. The marginal product of physical capital, MPK, is given by the formula bAKb-1HcN1-b-c and the marginal product of...
-
Karim Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at...
-
If you deposit $25,000 in a savings account that pays 12% interest compounded quarterly, for 8 years. Find the future value at the end of eight years. You need $1,500,000 when you turn 67. Suppose...
-
1) What is class? 2)What is the difference between default class and public class? 3)What is final class? Q)What is abstract class ? 3) What is object ? Q)Object class Q)toString() Q)Data Hiding...
-
Show the manual calculation to find V LOAD using nodal analysis, mesh analysis, superposition, source transformation, and Thevenin or Norton theorem by using the value from group no. 3 on Table 2. ...
-
Explain the following two (2) methods for conducting a cost-benefit analysis for high priority change requirements and opportunities in 50-100 words each: Return-on-investment analysis Net present...
-
Businesses have different strategies for when a country is in a recession or an upswing. Do some research within the company or in general and evaluate what your company would do when the business...
-
Damon rolls three six-sided dice. What is the probability that his total will be greater than 16 ?
-
(a) Use integration by parts to show that (b) If f and g are inverse functions and f' is continuous, prove that (c) In the case where f and t are positive functions and b > a > 0, draw a diagram to...
-
Suppose that the Marshall Islands does not trade with the outside world. It has a competitive domestic market for VCRs. The market supply and demand curves are reflected in this table: a. Plot the...
-
The following table provides hypothetical data about the supply and demand for beef in the European Union. The prices are in euros, and quantities are millions of pounds of beef per month. (You may...
-
Using the data on supply and demand in problem 3, suppose the EU imposed a tariff of 2 euros on each pound of beef a. How much beef would EU producers supply? b. How much beef would EU consumers...
-
How would each leadership style ( transactional leadership and transformational leadership) approach communication with various stakeholders?
-
Explained the different type of leader -Great man -trait theory -skill theory -behavior theory -Contingency theory (situational) -Transformation transactional leadership -transactional leadership...
-
What effect will a corporation's emphasis on environmental responsibility have on its financial performance in both the short term and long term? Does this contradict the notation of maximizing the...
Study smarter with the SolutionInn App