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Key feature of the production function

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Reference no: EM13107859

Applied macro economics

Question 1

Comment on the following statement: "The key feature of the production function is that the marginal impact of capital per worker k = K/L on Y/L decreases as K/L increases."

Question 2

IF the comment in question 1 is correct, the only hope for enjoying sustained increases in Y/L is through increases in the efficiency of labor E, which in turn means that the only hope for enjoying sustained increases in Y/L is through technological progress.  Comment on this statement.

Question 3.

Comment on the following statement: "The exclusive source of long-term economic growth is additions to the stock of physical capital per worker."

Question 4

Regarding business fluctuations (cycles), comment on the following statement: "When GDP declines during a recession, growth in real consumption and investment spending both decline and unemployment rises moderately."S

Reference no: EM13107859

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