Let the economy’s production function be = (, ) where Y is
Let the economy’s production function be = (, ) where Y is real… Let the economy’s production function be ? = ??(?, ?) where Y is real GDP, N is the population (and labour), K is the stock of capital, A is a measure of the state of technology, and f is the production function for the economy. (We make no distinction between labourand population N and so standard of living and labour productivity are the same: ?). ?Let A = 1 and K = 100 (the actual numbers don’t matter) and suppose the relationship between real GDP (Y) and population (N) (for a given stock of capital and state of technology) is shown in the diagram below.A). Suppose this economy is in a Malthusian world. Draw the diagram above and show the Malthusian equilibrium output and population. Note: there are no numbers here, just make up an equilibrium, but show it correctly on the diagram. B). Now there is a single technological improvement (the molded plough, say). Show the new Malthusian equilibrium output and population. Explain how the economy got to the new equilibrium. Business Economics ECON 90015
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