Question: 2.1 Draw the production function with real GDP per hour worked (Y/L) on the y-axis and capital per hour worked (K/L) on the x-axis. (a)

2.1 Draw the production function with real GDP per hour worked

2.1 Draw the production function with real GDP per hour worked (Y/L) on the y-axis and capital per hour worked (K/L) on the x-axis. (a) Show the effect on Y/L of an increase in K/L holding technology constant. What do we call this effect and what are the consequences of such an effect? (b) Now show the same effect on Y/L of an increase in technology holding K/L constant

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