Question: Hi there, please do try to answer my question, i have been asking but no response , dont worry i will vote for helpful, please
Hi there, please do try to answer my question, i have been asking but no response , dont worry i will vote for helpful, please answer it!n Good diagrams and explanations please!

The aggregate production function for a given economy is Q = AK \"'L'g , 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) bl Draw a sketch of the total product of labour (holding capital fixed at an arbitrary level) Students should make a sketch with Q on the vertical axis and L on 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 B 2and > 1 or Zand 1 (concave)) Now suppose a = 0.3 and B = 0.7. If capital and labour grow continuously at 3% and 2% respectively, what growth rate of output should be expected? Q is a product of 3 elements K\
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
