Answer to Question #75092 in Macroeconomics for ha
a. Construct the aggregate production function for this economy.
b. What kind of returns does this economy experience? How do you know?
c. Assuming that total available employment is 7 million, draw the economy’s long-run aggregate supply curve.
Suppose that improvement in technology means that real GDP at each level of employment rises by $200 billion.
a. Construct the new aggregate production function for this economy.
b. Construct the new long-run aggregate supply curve for the economy.
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!