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Suppose the Economy's Production Function Is Y = AK⁰

Question 22

Multiple Choice

Suppose the economy's production function is Y = AK^0.3N^0.7. If K = 1000 and N = 50, then Y = 2000. What is Y if K = 2000 and N = 100?

A) 4000
B) 3500
C) 3400
D) 3000

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