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Author Question: Suppose the aggregate production function is represented by Y = AN. Which of the following ... (Read 114 times)

audragclark

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on: Jun 30, 2018
Suppose the aggregate production function is represented by Y = AN. Which of the following expressions represents the number of additional workers required to increase production by one unit?
 
  A) 1/A
  B) Y/N
  C) 1/N
  D) 1/Y
  E) none of the above

Question 2

Explain the difference between endogenous and exogenous variables.
 
  What will be an ideal response?


taylorsonier

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Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

Endogenous variables are determined by the model. Exogenous variables are taken as given and, for example in this model, do not change as income changes.


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