Question: 1. Neoclassic a) Write the production function in its simplest form (the factors of production are limited to K, L and A) and explain the

1. Neoclassic a) Write the production function in its simplest form (the factors of production are limited to K, L and A) and explain the content and the meaning of each factor. b) Write the logarithmic form of this production function. In a country it is observed that in a given period the average growth rates of GDP, capital stock and labour are respectively 7%%, 6% and 3%%. Alpha has been estimated as 0,4. Compute the contribution of TFP to GDP growth. : - c) What do you think about this economy? Is it a developing economy or a developed one? Explain

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