Suppose that the production function is Y = AK0.7L0.3, current labor hours worked are 80,000 per year, the capital stock is $150,000, and total factor productivity is 3. What is the value of real GDP? What will happen to real GDP if total factor productivity doubles?
32) Suppose that the production function is Y = AK0.35L0.65, current labor hours worked are 80,000 per year, the capital stock is $150,000, and real GDP is $750,000. What is the value of total factor productivity?
33) Suppose that the production function for an economy is Y = AK1/3L2/3. On one graph, show the production function undergoing two equal increases in labor hours, holding capital and total factor productivity constant, and on a second graph show the production function undergoing two equal increases in total factor productivity, holding capital and labor constant. Explain what happens to real GDP in each situation.
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