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Answer :
Output per worker is equal to 6.22. To calculate the output per worker, we substitute the given values into the production function.The production function is given by Y = K^(1/3) * L^(2/3), where K
the aggregate stock of physical capital and L is the number of workers.In this case, each worker has 49 units of capital to work with. Therefore, we have K = 49 and L = 1 (since we are calculating output per worker). Substituting these values into the production function, we get Y = 49^(1/3) * 1^(2/3). The calculation simplifies to Y = 7^(1/3) * 1^(2/3). Since any number raised to the power of 1/3 is equal to the cube root of that number, we have Y = ∛7 * 1. Evaluating the cube root of 7, we find Y = 1.912. Therefore, the output per worker is equal to 1.912, rounded to 2 decimal places.This means that, on average, each worker produces 1.912 units of output given the available capital.
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