You are given the production function Y = AK1/3N2/3, where A = 4. (a) Convert the production
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(a) Convert the production function to a function relating Y/N to K/N.
(b) Consider two countries that have access to the same technology and have the same quality of labor and capital, as well as the same production function, given above. Suppose that one country has per-person output ten times as high as the second country. To what factor is the difference attributable? Quantify the difference between the countries with respect to that factor.
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a Dividing both sides by N YN AKN13 b The difference is attributable to differences i...View the full answer
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