The per-worker production function
Webb27 mars 2024 · In our analysis, we assume that the production function takes the following form: Y = aKbL1-b where 0 < b < 1. Therefore, output per worker is given through the following equation: y = akb where y = Y/L (output per worker and k = K/L (capital stock per worker) What is the golden rule level of capital per worker? WebbHubSpot is a CRM platform with all the software, integrations, and resources you need to connect marketing, sales, content management, and customer service. Each product in the platform is powerful on its own, but the real magic happens when you use them together. Demo premium CRM Get free CRM.
The per-worker production function
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Webbworker; youtput per worker; cconsumption per worker; iinvestment per worker. a) Rewrite production function Y = K13 L 2 3 in per-worker terms. Divide othb sides by Lto get output erp worker on the left-hand side. Y L = K1 3 L 2 3 L = (K L)1 3 = k 1 3 b) Find the steady-state level of the capital stock, k ss.
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