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Write down each production function in per capita terms. Total output is y so output per capita is y= Y/L. Likewise capital per person is
Write down each production function in per capita terms. Total output is y so output per capita is y= Y/L. Likewise capital per person is k is equal to K/L. Take A to be any positive number. Plot each function with y on the vertical axis and k on the horizontal axis.
(a) = K^1/3 L^2/3
(b) Y=K
(c) Y= K+AL
Please help thank you :)
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