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Alwyn Young has a recent paper in which he studies the macroeconomic consequences of the horrible tragedy of AIDS in sub-Saharan Africa. Answer the following problems, motivated by his research.

(a) In the production function approach we studied in class, we noted that the wage rate is equal to the marginal product of labor. prepare the mathematical expression of this statement. That is, prepare the wage as a function of capital labor, and the TFP parameter. Assume that the production function is CRS and labor share of output is 1/3.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M963766

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