If in recent years, for which 2012 serves as a sample, productivity growth can be described as Harrod-neutral (labor-augmenting) then the amount of new real capital needs to match the growth of labor in efficiency units
Capital is measured in physical unit, while labour is measured in efficiency unit
This has implications for the social welfare function and the accumulation equations for capital and debt in efficiency units
The unit of labor supplied by agent i in period t is converted into efficiency units
of labor [Mathematical Expression Omitted] by the following relationship
The basic premise under the Golden Rule is that present and future generations be treated equally with respect to returns to efficiency units
of labor and capital, which are the two factors of production considered here.
Each firm has a production function with constant returns to scale in labour, measured in efficiency units
, (AN) and real capital (K).
The operation is now running smoothly with higher efficiency units
in place providing peace of mind to the whole operation.
N) the firm's workforce measured in efficiency units
, the firm then has a short-run effort-augmented production function:
The two phases of new student housing are comprised of 28 one-bedroom efficiency units
and 214 four-bedroom suites, with common areas featuring exercise and weight rooms, meeting rooms, laundry facilities, and a public safety satellite office.
Europak PV2096-10 high efficiency units
were installed internally at 8m from floor level.