Answer to Question #322361 in Macroeconomics for john

Question

Explain the concept of an aggregate production function. How would you expect the production function in Figure 3-1 to be affected by an increase in the average and marginal

productivity of labor for a given output level, owing, for example, to increased education of

the labor force? How would such a shift in the production function affect the levels of output and employment in the classical model?

Answer 1

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