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2. Write each production function given below in terms of output per worker y = Y/L and capital per worker k = K/L. Show what
2. Write each production function given below in terms of output per worker y = Y/L and capital per worker k = K/L. Show what these per worker versions look like in a graph with k on the horizontal axis and y on the vertical axis. Assume A is some fixed positive number. (a) Y = K1/3L 2/3 and Y = K3/4L 1/4 (on the same graph) (b) Y = K (c) Y = K + AL (d) Y = K ? AL
2. Write each production function given below in terms of output per worker y = Y/L and capital per worker k = K/L. Show what these per worker versions look like in a graph with k on the horizontal axis and y on the vertical axis. Assume A is some fixed positive number. (a) Y = K1/312/3 and Y = K3/4L1/4 (on the same graph) ( b ) Y = K (c) Y = K+ AL (d) Y = K - ALStep by Step Solution
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