Techland's aggregate production function is Y = A × K1/3 × H2/3. Find out the contribution of technology to Techland's GDP if its gross domestic product is $2,000,000, capital stock is 125,000 units and total efficiency units of labor is 1,000,000
What will be an ideal response?
The contribution of technology to Techland's gross domestic product can be determined by using the formula: A = Y/(K1/3 × H2/3). In this case, Y = $2,000,000, K = 1,000, and H = 125,000. Therefore, A = 2,000,000/(1,25,0001/3 × 100,0002/
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