Suppose That the Production Function Is Y = AK⁰

question 9

Essay

Suppose that the production function is Y = AK⁰.⁷ᴸ⁰.³,the number of workers equals 800,the capital stock is $150 000,and total factor productivity is 3.What is the value of real GDP? What will happen to real GDP if total factor productivity doubles?

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Definitions:

Utilitarianism

An ethical theory that posits the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.

Duty-Based

An ethical framework that focuses on the duties or obligations one has in order to act ethically, often associated with Immanuel Kant's deontological ethics.

Care Ethics

An approach to moral theory that emphasizes interpersonal relationships and urges the reliance on virtues related to caring as a basis for assessing how to act in specific cases. This approach has been developed and defended by feminist theorists and is sometimes called “feminist ethics,” though in principle one can defend this approach without relating it to women or to feminist concerns.

Feminist Philosophers

Thinkers who apply feminist perspectives and analysis to philosophical issues, challenging traditional concepts and advocating for gender equality.