How Doubling Technology Affects The Output Essay Paper

The aggregate production function Consider an aggregate production function of the following form: Y =A ×K 1 3 . where Y is output, A is technology, and K is capital. 1. Use Excel or equivalent spreadsheet software to calculate output Y for all combi- nations of A ∈{2, 4, 8, 16}and K ∈{0, 0.01, 0.02, 0.03, 0.04, …, 19.99, 20}. Hint: apply mixed cell references.3 2. Generate a figure with K on the horizontal axis and Y on the vertical axis. Plot 4 lines, each corresponding to one value of A. 3. Using your figure, explain how doubling technology affects the output. How Doubling Technology Affects The Output Essay Paper

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### Step-by-step

Step 1/1

1.To calculate the Y output for all combinations of A and K, Excel or equivalent spreadsheet software can be used and mixed cell references applied. You can create a table with A values in one column and K values in another column. You can then calculate the Y output for each combination of A and K using the formula Y = A * (K ^ (1/3)). How Doubling Technology Affects The Output Essay Paper

2.You can use a line chart to create a plot with K on the horizontal axis and Y on the vertical axis. You can create a new table with 4 columns with K and Y values for each A value, one for each A value, then select the data and create a line chart.

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