Question: Hi, the one in red is the correct answer, please explain the answer and draw good diagrams please, how do i plot the values without

Hi, the one in red is the correct answer, please explain the answer and draw good diagrams please, how do i plot the values without a graphing app etc

Hi, the one in red is the correct answer, please explain the

The aggregate production function for a given economy is Q = AKaLB, where Q represents output, K represents inputs of capital, L represents inputs of labour, and A, a and B are all strictly positive constants. 3} )3} Draw a sketch of the total product of labour (holding capital xed at an arbitrary level) Students should make a sketch with Qon the vertical axis and Lon the horizontal. The curves should begin at the origin (no input means no output) and they should indicate that the functions will certainly be increasing but may be convex or concave depending on whether)? > 1 (convex) or)? 1 (increasing) or )3 Zandb' > 10r)';j Zandp' 1 (concave)) Now suppose a: = 0.3 and B = 0.7. If capital and labourgrow continuously at 3% and 2% respectively, what growth rate of output shOuId be expected? Q is a product of 3 elements K\

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