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uppose Equation 2 represents the production function of both Mexico and Spain Use the following information to answer the next questions

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.

May 26 2020 View more View Less

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