Question
Assume the following production function: Y=8K^0.3N^0.7 a) Keeping capital constant, show graphically a technological improvement. b)...
Assume the following production function: Y=8K^0.3N^0.7
a) Keeping capital constant, show graphically a technological improvement.
b) If the capital stock is K = 30, and the prevailing wage rate is w* = $25, find the full employment.
Answers
OR -0.3 Nº3 Production function & y= 84 13 No7 a) San Technological improvement let k be constant at a Ya 8 Kos 7 dy = 8h3.710). that the copy. *6.2) >07 slope is positive implying I d2 12 = 8(K):3 (0.7) (-6:30 a 03-12 som slupe is decreasing. The production femction is Concave. In case of technological improvement the production function shifts upward. ases as n increases. 21 y - N. llabor) - bi К=20; w "=25; At optimal : d y = loa => 8(K) (6-77_ as 8( 3070.3 0.7 = N 3 dn v0.3 25 [9.2017 - (54763") *4-27
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