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The per person versions of production functions: Write each production func- tion given below in terms of output per person y = Y/L and capital
The "per person" versions of production functions: Write each production func- tion given below in terms of output per person y = Y/L and capital per person k = K/L. Show what these "per person" 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 = K 3/4L1/4 (on the same graph) (b) Y = K (c) Y = K + AL (d) Y = K - AL
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