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Scenario: Two economies, A and B, have identical aggregate production functions with diminishing ...
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Scenario: Two economies, A and B, have identical aggregate production functions with diminishing ...
Scenario: Two economies, A and B, have identical aggregate production functions with diminishing returns. In both economies, capital and labor are equally important for production. Economy A has twice as many efficiency units of labor as economy B. Economy B has twice as much physical capital stock as economy A.
Refer to the scenario above. If you were to draw the aggregate production functions for economies A and B, holding efficiency units of labor constant, you would draw ________.
▸ one aggregate production function, where both economies' output are at the same level
▸ two separate aggregate production functions, where the one for economy B lies above the one for economy A
▸ one aggregate production function, where economy B's level of production is greater than economy A's level of production
▸ two separate aggregate production functions, where the one for economy A lies above the one for economy B
Textbook
Macroeconomics
Edition:
3
rd
Authors:
Acemoglu, Laibson, List
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one aggregate production function, where economy B's level of production is greater than economy A's level of production
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tifftran
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Thanks for your help!!
annielin111
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Smart ... Thanks!
sadiewolf
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You make an excellent tutor!
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