3. For a particular economy, the following capital input K and labor input N were reported in four different years: Year K N 1 200 1000 2 250 1000 3 250 1250 4 300 1200 The production function in this economy is Y = K0.3 N0.7 , where Y is total output.

a. Find total output, the capital–labor ratio, and output per worker in each year. Compare year 1 with year 3 and year 2 with year 4. Can this production function be written in per-worker form? If so, write algebraically the per-worker form of the production function.

b. Repeat Part

(a) but assume now that the production function is Y = K0.3 N0.8