Suppose that the production function is y a k14l34what is
Suppose that the production function is Y = A K1/4L3/4.
a. What is the marginal product of labor (MPL)?
b. What is the marginal product of capital (MPK)?
c. Graph the approximate shapes of the MPL and MPK curves.
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Suppose that the production function for the economy is: Assume that real GDP is $12,000 billion, the capital stock is $40,000 billion, and the labor supply is 200 billion hours.
Real GDP per hour worked in the United States grew by 2.17% per year from 1949 to 2009, and capital per hour worked grew at the rate of 2.27% per year during the same years.
Suppose that it is known that labor receives 25% of national income. With a Cobb-Douglas production function and an initial level of real GDP of $10,000, what happens to real GDP if both capital and labor double?
Draw a graph of the aggregate production function with capital, K, on the horizontal axis. Why does it have the shape that you have drawn?
Suppose that the production function is Y = A K1/4L3/4.What is the marginal product of labor (MPL)?
Suppose that the production function were . Assume that A = 100,000, and that the current level of the capital stock is 10,000.
In 2010, the money supply, M1, was $1,832 billion.Nominal GDP was $14,660 billion. What was the velocity of money measured using M1?
What will happen to the inflation rate if the rate of growth of the money supply increases to 7%, and, at the same time, the growth rate of velocity increases to 2%?
State the quantity equation.What is the velocity of money?What is the difference between
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