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3. Suppose Equation 2 represents the produc- tion function of both Mexico and Spain. Use the following information to answer the next questions. Country L
3. Suppose Equation 2 represents the produc- tion function of both Mexico and Spain. Use the following information to answer the next questions. Country L = Population (millions) K = Capital (trillion) Y = Output (trillion) Mexico 105 0.18 1.0 Spain 45 0.74 1.7 a) Calculate total factor productivity for both countries using Equation 3. b) Calculate per capita income for both countries. c) Explain the difference in per capita incom
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