Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
1. Country A and country B both have the production function Y = F(K, L) = K1/2L1/2. A. Does this production function have constant returns to scale? Explain. B. What is the per-worker production function, y = f(k)? C. Assume that neither country experiences population growth or technological progress and that 5 percent of capital depreciates each year. Assume further that country A saves 10 percent of output each year and country B saves 20 percent of output each year. When part of the capital stock is destroyed in a war. By contrast, suppose that a war does not directly affect the capital stock, but that casualties reduce the labor force. A. What is the immediate impact on total output and on output per person? B. Assuming that the saving rate is unchanged and that the economy was in a steady state before the war, what happens subsequently to output per worker in the postwar economy? Is the growth rate of output per worker after the war smaller or greater than normal? 3. C
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