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Where l is labor k is capital and n is land in this economy

Consider a production function for an economy:

Y = 20(L.5K.4N.1)

where L is labor, K is capital, and N is land. In this economy the factors of production are in fixed supply with L = 100, K = 100, and N = 100.

a) What is the level of output in this country?

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Macroeconomics: Where l is labor k is capital and n is land in this economy

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Where l is labor k is capital and n is land in this economy

Reference No:- TGS0669914

Have a Question? (oR Write a Review)

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Prepared by a verified Expert

Macroeconomics: Where l is labor k is capital and n is land in this economy

Reference No:- TGS0669914

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