Institutions influence economic life

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Reference no: EM137188

Q1. What do you mean by an institution? Explain how do institutions influence economic life? Also explain how does institutional change influence economic activity?

Q2. Consider a production function for an economy: Y=20(L.5 k..4N.1) where L is labor, K is capital, and N island. In economy the reason of production are in fixed supply worth L= 100, K=100, and N =100.
(a) Illustrate in this country what is the level of output?
(b) Demonstrate by example about production which exhibits constant returns to scale?

Reference no: EM137188

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