The Production Function for an Economy Can Be Expressed as Y

question 38

Essay

The production function for an economy can be expressed as Y = F(K,L), where Y is real GDP, K is the quantity of capital in the economy, and L is the quantity of labour in the economy.
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a.If F( ) = 100 + 3K + 9L, what is real GDP if the quantity of capital is 200 and the quantity of labour is 500?
b.What is/are the endogenous variable(s) in this model?
c.What is/are the exogenous variable(s) in this model?​

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Definitions:

Empathy-Altruism Model

A theory suggesting that feeling empathy for someone in need can prompt altruistic behavior, aiming to help solely for the benefit of the other person.

Numerous Onlookers

The presence of a large number of observers or spectators, often referred to in contexts of public events or occurrences witnessed by many.

Ambiguous Situation

A situation where information is unclear or lacks specificity, leading to multiple interpretations.

Low-density Population

An area characterized by a small number of people living in a given geographic region, resulting in a low population density.