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For a particular economy, the following capital input K and labor input N were reported in four different years: Year K N k 1 200
For a particular economy, the following capital input K and labor input N were reported in four different years: Year K N k 1 200 1,500 (1133 2 250 1,500 (1155 3 250 1,875 (1133 4 300 1,800 (1155 The production function in this economy is: K020 \"0.80 where Y is total output. a. In the above table, calculate the capital-labor ratio, R, in each year. (round to two decimal places) Calculate output per worker in year 1: D (Enter your responses to three decimal places.)
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