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 labor in the economy.

a. If $F ( ) = 100 + 3 K + 9 L$, what is real GDP if the quantity of capital is 200 and the quantity of lab or 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 labor in the economy.

a. If $F ( ) = 100 + 3 K + 9 L$, what is real GDP if the quantity of capital is 200 and the quantity of lab or 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 labor in the economy.

a. If $F ( ) = 100 + 3 K + 9 L$, what is real GDP if the quantity of capital is 200 and the quantity of lab or 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