List of top Macroeconomics Questions on Production Function asked in IIT JAM EN

Consider the following AK model where the production function is given by
$ 𝑌 = 𝐴𝐾$
where 𝑌 is output, 𝐾 is capital, and 𝐴 is a constant that reflects the level of technology. Suppose there is zero technological progress in the economy and 𝐴 = 0.50. In the economy, the savings rate equals 0.60 and the depreciation rate for the capital stock equals 0.05. The population growth rate equals zero and the size of the labour force is normalised to 1. Based on the AK model, the steady state growth rate of output per capita in the economy equals ______ percent (in integer).

A manufacturer producing pens has the following information regarding the cost of production of pens:

Output (𝑄)	1	2	3
Total Costs (𝑇𝐶)	4	13	32

"If the total cost function is of the form $𝑇𝐶(𝑄) = 𝑎𝑄^2 + 𝑏𝑄 + 𝑐$ where 𝑎, 𝑏, and 𝑐 are constants, then the value of $𝑇𝐶(𝑄) at 𝑄 = 4$ is (in integer)."

Consider the production function:
$ Q(K, L) = (2 \sqrt {K} + 3 \sqrt{L})^2$ where Q is the output, K is capital, and L is labour. If $\eta_K$ and $\eta_L$ denote the output elasticities with respect to capital and labour, respectively, then the value of ($\eta_K$ + $\eta_L$) is

Consider an economy where technology is characterised by the production function:
$Y = 50K^{0.4}L^{0.6}$
where, Y is output, K is capital, and L is labour.
Assuming perfect competition in the product market and in the factor markets, the share of total income paid to labour is equal to

Let the production function be given by
$ Y_t = A_t K_t ^{\alpha} H_t ^{\beta} 𝐿_t^{1−\alpha−\beta}$
where, at time t, $Y_t$ is output, $A_t$ is level of Total Factor Productivity, $K_t$ is physical capital, H is human capital, and L is labour. $\alpha$ = 1/5 and $\beta$ = 2/5 If the growth rate of $Y_t$ equals 10 percent, the growth rate of $K_t$ equals 5 percent, the growth rate of $H_t$ equals 5 percent, and the growth rate of $L_t$ equals 10 percent, then the growth rate of $A_t$ is