Consider the production function faced by an economy in a particular year, Y=square root of K. N. Assume that N equals to 1 what level of capital will be required to achieve output of 9million
1
Expert's answer
2019-02-01T11:00:07-0500
The production function is following:
Y=√K×N
where
Y-total output;
K – capital input.
If we know total output and N, we can find the required level of capital:
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