Using the Production Function Real GDP = T (L,K),define the Term

question 81

Essay

Using the production function Real GDP = T (L,K),define the term production function and describe what each of the variables (T,L,and K)represents.When graphed with Real GDP on the vertical axis and labor on the horizontal axis,which variable(s)can shift the production function and which variable(s)can cause a movement along the production function?

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Definitions:

Isolation

The process or condition of separating or being separated from a system or environment, often for safety, such as electrical isolation to prevent shock.

Turns Ratio

The ratio of the number of turns in the primary winding of a transformer as compared to the turns of wire in the secondary winding.

Secondary Voltage

The output voltage of a transformer or another type of electrical machine, which is induced by the primary voltage.

Primary

In electrical systems, the initial or main input side of a transformer or circuit.