1. Assume that a country's production function is Y = K1/2L1/2.
*What is the individual production function y = f(k)?
2. Assume that the country possesses 40,000 units of capital (K) and 10,000
units of labor (L).
*What is Y?
*What is output per capita computed from the individual production function?
*Assume that 30% of output is saved, what is investment
per capita? (Remember: k = K/L.)