Suppose the Production Function Is Y = AK⁰

question 19

Essay

Suppose the production function is Y = AK^0.3N^0.7.Suppose in 2000,K = 1000,N = 100,and Y = 199.5.In 2010,capital,labor,and output have doubled,so K = 2000,N = 200,and Y = 399.
(a)By what percentage did productivity grow from 2000 to 2010?
(b)If output had risen to 798 instead of 399,and capital and labor doubled,by what percentage would productivity have grown from 2000 to 2010?

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Definitions:

Discriminate

The act of making distinctions between people or things based on class, race, gender, etc., often leading to unfair treatment.

Odors

Smells or scents, typically those that are detectable by the sense of smell, and can have significant environmental and psychological impacts.

Newborns

Refers to infants from birth to a few months old, focusing on their care, development, and health needs.

Easy Babies

Infants who are generally calm, easily soothed, and adaptable to new situations or routines, making them perceived as easier to care for.