Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

with ++=1,or Yst is the number of units of goods and services offered to that date t, Kt is the number of machine hours (and

with ++=1,or Yst is the number of units of goods and services offered to that date t, Kt is the number of machine hours (and also the capital stock) used by the firms at date t, Ldt is the number of working hours requested by the firms, Td is the number of hours -soil (and also the stock of soil, or earth) requested by firms. It is therefore assumed here, as with capital and labor, that the user cost of the factor of production is measured in hours of use of a unit of land. At measures the level of knowledge of technology in the economy and its assumed constant rate of growth and given by g measures the rate of technical progress. 1-*Show that the production function has constant returns to scale in the three factors of production . *Deduce the possibility of writing the production function in variables per worker, where we denote yt Yst/Ldt production per worker, kt Kt/Ldt the capital Ldt per worker, and Tt Tdt/Ldt land per worker2-* Define and calculate the average productivities of capital, labor and land. *Write each of these average productivities in variables per worker 3- *Define and calculate the marginal productivities of capital, labor and land.*Write each of these marginal productivities in variables per worker

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Roger A Arnold

13th Edition

1337617407, 9781337617406

More Books

Students also viewed these Economics questions

Question

Go, do not wait until I come

Answered: 1 week ago