A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has 15,000 unit of capital and 600 workers, find the real wage approximately. Select one: a. 16.36 b. 9.12 C. 15.81 d. 6.45

A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has 15,000 unit of capital and 600 workers, find the real wage approximately. Select one: a. 16.36 b. 9.12 C. 15.81 d. 6.45

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 1.5CE

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Question

A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has 15,000
unit of capital and 600 workers, find the real wage approximately.
Select one:
a. 16.36
b. 9.12
C. 15.81
d. 6.45
e. 12.50

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