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Economics

Write each production function given below in terms of output per person y ≡ Y/L and capital per person k ≡ K/L. Plot these per person versions in a graph with y on the vertical axis and k on the horizontal axis. (You can assume A is a constant positive number).

a) Y = AK^1/3L^2/3 and Y = AK^3/4L^1/4 (plot them on the same graph).

b) Y=K.

c) Y = K + AL

d) Y = K – AL

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91562658

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