The production function for an economy can be expressed as Y = F(K,L), where Y is real GDP, K is the quantity of capital in the economy, and L is the quantity of labour in the economy.

a.If F( ) = 100 + 3K + 9L, what is real GDP if the quantity of capital is 200 and the quantity of labour is 500?
b.What is/are the endogenous variable(s) in this model?
c.What is/are the exogenous variable(s) in this model?

Question

The production function for an economy can be expressed as Y = F(K,L), where Y is real GDP, K is the quantity of capital in the economy, and L is the quantity of labour in the economy.
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a.If F( ) = 100 + 3K + 9L, what is real GDP if the quantity of capital is 200 and the quantity of labour is 500?
b.What is/are the endogenous variable(s) in this model?
c.What is/are the exogenous variable(s) in this model?​

Quizplus · Accepted Answer

The Answer of The production function for an economy can be expressed as Y = F(K,L), where Y is real GDP, K is the quantity of capital in the economy, and L is the quantity of labour in the economy.
​
a.If F( ) = 100 + 3K + 9L, what is real GDP if the quantity of capital is 200 and the quantity of labour is 500?
b.What is/are the endogenous variable(s) in this model?
c.What is/are the exogenous variable(s) in this model?​

The Production Function for an Economy Can Be Expressed as Y