The Production Function for an Economy Can Be Expressed as Y

question 34

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 labor in the economy. a. If $F ( ) = 100 + 3 K + 9 L$ , what is real GDP if the quantity of capital is 200 and the quantity of lab or is $500 ?$
b. What is/are the endogenous variable(s) in this model?
c. What is/are the exogenous variable(s) in this model?

---

Definitions:

Standard Time

A set duration assigned for completing a given task, based on average time studies and used for planning and scheduling work.

Revised Activity

An activity or task that has been modified or updated to improve efficiency or effectiveness.

Original Activity

An initial or primary action that serves as the basis or starting point for subsequent processes or operations.

TMU

Time Measurement Unit, a standard used in work measurement and time study techniques to quantify the time required for specific tasks.