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Answer to Question #75092 in Macroeconomics for ha
Question #75092
6. Suppose the information below characterizes an economy:
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.
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.
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