The aggregate production function for a given economy is ', whererepresents output,represents inputs of capital,represents inputs of labour, and,andare all strictly positive constants a)Draw a sketch of the total product of labour (holding capital fixed at an arbitrary level) b)Draw a sketch of the marginal product of labour (holding capital fixed at an arbitrary level) c)Now suppose 0 3and 0 7 If capital and labour grow continuously at 3 and 2 respectively, what growth rate of output should be expected

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Question: The aggregate production function for a given economy is = %', whererepresents output,represents inputs of capital,represents inputs of labour, and,andare all strictly positive constants. a)Draw

The aggregate production function for a given economy is = %', whererepresents output,represents inputs of capital,represents inputs of labour, and,andare all strictly positive constants.

a)Draw a sketch of the total product of labour (holding capital fixed at an arbitrary level)
b)Draw a sketch of the marginal product of labour (holding capital fixed at an arbitrary level)
c)Now suppose = 0.3and = 0.7. If capital and labour grow continuously at 3% and 2% respectively, what growth rate of output should be expected?

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