{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-20T23:10:59-04:00", "answer_date": "2024-06-20 23:10:59", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "3378973", "url": "\/study-help\/questions\/let-the-economys-production-function-be-where-3378973", "question_creation_date_js": "2024-06-20T23:10:59-04:00", "question_creation_date": "Jun 20, 2024 11:10 PM", "meta_title": "[Solved] Let the economy's production function be | SolutionInn", "meta_description": "Answer of - Let the economy's production function be = (, ) where Y is real GDP, N is the population (and labour), K is the stock | SolutionInn", "meta_keywords": "economy,s,production,function,y,real,gdp,n,population,labour,k,stock", "question_title_h1": "Let the economy's production function be = (, ) where Y is real GDP, N is the population (and labour), K is the stock of", "question_title": "Let the economy's production function be = (, ) where Y is", "question_title_for_js_snippet": "Let the economy's production function be (, ) where Y is real GDP, N is the population (and labour), K is the stock of capital, A is a measure of the state of technology, and f is the production function for the economy (We make no distinction between labour and population N and so standard of living and labour productivity are the same ) Let A 1 and K 100 (the actual numbers don't matter) and suppose the relationship between real GDP (Y) and population (N) (for a given stock of capital and state of technology) is shown in the diagram below Y f(N, K 100) VZ Figure 1", "question_description": "
Let the economy's production function be = (, ) where Y is real GDP, N is the population (and labour), K is the stock of capital, A is a measure of the state of technology, and f <\/em>is the production function for the economy. (We make no distinction between labour<\/p> and population N and so standard of living and labour productivity are the same: ). <\/p> Let A = 1 and K = 100 (the actual numbers don't matter) and suppose the relationship between real GDP (Y) and population (N) (for a given stock of capital and state of technology) is shown in the diagram below.<\/p>