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ECON 1BB3 (535)
Lecture 12

LECTURE 12.docx

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Hannah Holmes

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ECON 1BB3 LECTURE 12 Chapter 7 Ya f KLHNY output A techonologyF is a function ofK physical capitalLlabourH human capitalNnatural resources Assumptions 1 Constant returns to scaleIf a production exhibits constant returns to scale then doubling all inputs leads to a doubling of output We can draw our production function in per capita terms 2Y AF2K 2L2H 2N100YAF100K100L100H100NxY AfxK xL xH xNYLAFKL1HLNLProduction function can be written into per capita terms This says that output per worker depends on capital per worker human capital per worker and natural resources per worker2 Diminishing Marginal productMarginal product the
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