Imagine the one-country model of technological change. There are two things produced; knowledge A and consumption...
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Imagine the one-country model of technological change. There are two things produced; knowledge A and consumption good Y. The production functions are given as Y = A LY AA = 3 LA A Ly and LA denote the numbers of workers allocated to Y production and A production, respectively. In this economy, there are 10 million workers in total: Ly + LA = 10 (Hint: The growth rate of variable x is defined as in x = Ax / x.) What is the growth rate y of GDP per worker equal to? Imagine the one-country model of technological change. There are two things produced; knowledge A and consumption good Y. The production functions are given as Y = A LY AA = 3 LA A Ly and LA denote the numbers of workers allocated to Y production and A production, respectively. In this economy, there are 10 million workers in total: Ly + LA = 10 (Hint: The growth rate of variable x is defined as in x = Ax / x.) What is the growth rate y of GDP per worker equal to?
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Production Function Y AL Y and A 3L A A L A L Y 10 If 2 worker... View the full answer
Related Book For
Organizational Behavior Managing People and Organizations
ISBN: 978-1133626695
10th Edition
Authors: Ricky W. Griffin and Gregory Moorhead
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