uppose Equation 2 represents the production function of both Mexico and Spain. Use the following information to answer the next questions. L = Population (millions) K = Capital (trillion) Y = Output (trillion)
Mexico: L=105, K=0.18, Y=1.0
Spain: L=45, K=0.74, Y=1.7
a) Calculate total factor productivity for both countries using Equation 3.
b) Calculate per capita income for both countries.
c) Explain the difference in per capita income.
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