Convert the Cobb-Douglas Production $Y = \bar { A } K ^ { a } L ^ { 1 - a }$

question 76

Essay

Convert the Cobb-Douglas production $Y = \bar { A } K ^ { a } L ^ { 1 - a }$
into per capita terms. Why might we be more concerned about per capita output rather than total output when discussing the welfare impacts of economic growth?

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Definitions:

Foreign Goods

Products or services that are produced in one country and sold in another, outside the country of origin.