Thank you for visiting Suppose that an economy has output tex Y A tex where tex Y tex equals 12 trillion capital tex K tex is 27 trillion and. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Answer:
The closest approximation of the total factor income (TFI) is $812.68 trillion.
None of the provided options match this value.
Explanation:
To find the total factor income (TFI) in the given scenario, we can use the formula TFI = A * (K^0.3) * (L^0.7), where A is the total factor productivity, K is the capital, and L is the labor.
Given:
- Y (output) = A = $12 trillion
- Capital (K) = $27 trillion
- Labor (L) = 64 million workers
1. Calculate TFI:
TFI = $12 trillion * ($27 trillion)^0.3 * (64 million)^0.7
2. Simplify the calculation:
TFI = $12 trillion * $6.48092 * $10.7129
TFI = $812.68 trillion
Therefore, the closest approximation of the total factor income (TFI) is $812.68 trillion.
None of the provided options match this value.
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