A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has 30,000 unit of capital and 700 workers, find the real wage approximately. Select one: a. 1.21 b. 0.85 c. 0.99 d. 0.55 e. 0.66

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
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A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has
30,000 unit of capital and 700 workers, find the real wage approximately.
Select one:
а. 1.21
b. 0.85
C. 0.99
d. 0.55
e. 0.66
Transcribed Image Text:A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has 30,000 unit of capital and 700 workers, find the real wage approximately. Select one: а. 1.21 b. 0.85 C. 0.99 d. 0.55 e. 0.66
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